Reportedly, iron ore prices are falling sharply as the Chinese domestic steel prices continue to crash.
The benchmark 62% grade iron ore. IO62-CNI=SI closed at US$123.20/ton last Thursday, reaching slightly higher than the yearly low of US$123/ton early last week.
Most players in the market are pessimistic and are predicting the price will fall even further to US$110~US$115/ton, lower than the bottom price of US$120/ton expected in the past weeks.
Meanwhile, the iron ore price peaked at US$158.90/ton to a 16 month high in February.