Iron ore seen extending decline as China's steel mills shut down

摘要

Iron ore will fall another eight per cent in the next several months as steel mills in China, the biggest importer, shut down because of maintenance, power rationing and squeezed profits, according to Deutsche Bank AG. Prices may fall about $10 a dry tonne in the next couple of months, analysts led by Xiao Fu and Daniel Brebner said in an e-mailed report today. Ore with 62 per cent iron content at the port of Tianjin, a global benchmark, tumbled 22 per cent to $123.60 a tonne from a 16-month high on Feb. 20, according to The Steel Index Ltd.