Iron ore prices have fallen to their lowest level since late 2009 as steelmakers in Europe curtail purchases, forcing miners to sell their output in the congested Asian market.
Iron ore traders and brokers said Vale of Brazil, the world’s largest iron ore miner, was diverting part of the material usually earmarked for European steel mills into the Asian spot market just as Chinese consumption slowed, creating a glut.
Benchmark iron ore prices fell yesterday to $105.75 a tonne for material containing 62 per cent iron delivered in China, down roughly 30 per cent over the past four months, according to Platts, the price reporting agency.
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