Seaborne iron ore prices were rocked on Monday by a panic in China that sent steel and raw material prices over a precipice. The decision by a growing number of mills to cut production in response to weak demand is being seen as an admission that steel demand will not be back for some time.
The Kallanish KORE 62% Fe index slumped $7.92/t to $116.23/dry metric tonne cfr Qingdao, the lowest since December. The Kallanish KORE 65% Fe index dropped $8.73/t to $135.83/d…
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