The Prices of Iron Ore dropping which is expected to be triggered by the bullion sell offs and overall negative sentiments for the commodities.
The prices of Iron Ore have fallen by 6% by last week. The reduced demand in the steel demand and the financial turmoil around the world is keeping the Chinese steel makers and Traders away from the fresh purchases. They are expecting further drop in the prices.
The sharp drop in the steel rebars prices in the international market and recent crash in the ore prices have made the traders to offer less prices for their products to reduce their losses.
The high Grades of Iron Ore prices have seen a nose dive. The effect on the prices of low grades iron ore is less in comparison to high grade prices. The fresh market shows the price of 63.5% /63 Grade iron ore deals at US$ 178/MT CFR China.
The other grades were trading at much lower from last week. The low grade of 54/53% was at its lower of US$ 104 CNF China and the grade of Fe 59/58% iron ore dealing at US$ 138/MT CFR China.