Reportedly, China steelmakers may reduce iron ore purchase in the current weakening market as iron ore prices has dropped below US$100/ton for the first time since 2009.
On last Thursday, iron ore with 62% content was benchmarked by IO62-CNI=SI=US$99.60/ton around, which was the lowest since December 9th, 2009.
Currently, the iron ore prices have already lost more than 26% since early July, but most mills are still not budging, traders worry the iron ore prices decreasing would expend further