Iron ore dips $10/t on stricter output cuts, market pessimism

摘要

Iron ore price slumped on Tuesday to its one-month low due to another tightening of output cuts in Tangshan and a plunge in steel, caused by pessimistic moods. Australian iron ore fines 62% Fe fell by $10.25/t from Friday, to $164/t CFR, the lowest since February 10, as its futures in May contracts on the DCE lost as much as RMB 96/t ($14.7/t) over the period. “Environmental restrictions in Tangshan and weaker yuan have strongly impacted demand for imported iron ore,” a Chinese trader told Metal Expert.