According to report, leading Iron ore producers Rio Tinto and BHP Billiton Ltd, the second and third largest suppliers, report that their first price down in the three quarters since China starts to stop property speculation and credit control.
Currently contract prices will probably drop by 11 percent to US$129/ton starting the quarter of October 1st, from US$145.30/ton in the previous quarter.
China Iron and Steel Association reported that the drop demand from property sector about 40 percent leads the steelmaker to cut the demand for iron ore as construction sector accounts for 70 percent of China’s steel consumption.
News Date 9/1/2010 11:05:54 AM reported by Judy Lin |
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