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Spot Iron Ore Price to China Slumps on Steel Decline
By Jesse Riseborough
Aug. 21 (Bloomberg) -- The cash price for Australian iron ore delivered to China, the world’s biggest buyer, slumped 9.3 percent after Chinese steel prices declined.
The price for 62 percent grade ore fell $9.70 to $95 a metric ton yesterday, according to The Steel Index. It rose to $105.90 on Aug. 13, the highest this year. Prices for hot-rolled coil steel in China fell 2.1 percent yesterday and have declined 13 percent since Aug. 7.
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