Iron Ore Spot Prices Tumbling

Over the past week, 62% Fe spot prices have declined in China by $9.60/dmt or 16.2 percent. When looking at ore over the past four weeks iron ore prices have dropped by $14.20/dmt or 22.2 percent. We are now within range of the 52-week low for ore which was $46.70/dmt and a long way from the 52-week high of $98/dmt.

Steel Market Update heard from one of our analyst sources that hot rolled prices in Asia have collapsed by $30 per metric ton due to the combination of the collapse of iron ore pricing and a reaction to the dumping suits being filed against China in the United States and elsewhere around the world. Rebar futures pricing in China dropped 5.23 percent in day trading yesterday.