Prices fall as China slashes iron ore in demand
According to the latest industry index, iron ore prices fell as much as 12 percent on the Chinese market last week. To everyone’s surprises, as BHP Billiton and Rio Tinto discuss 2009 supply agreements with Chinese customers, iron ore prices dropped sharply and shipment rates fallen because of decreasing orders.
The bad news undermines the market as well as causes Chinese ports to slash iron ore cargoes as slump demand.
In addition, a sign shows global consumption will stay depressed and need to take some time for recovery. Also, another significant prediction is for stainless steel. The world demand will be lower than 2007 level until 2011. Some people think the increases of aluminum stock will be a serious risk and concern to the industry.
reported by Yieh Corp
No comments:
Post a Comment