| The iron ore price fell for the fourth straight day, down 2.2 per cent overnight on Thursday, showing signs that its recent rally is weakening as Chinese steel prices fall to record lows on weak demand. The benchmark iron ore price for immediate delivery to Qingdao port in China has fallen 6.2 per cent to $US61.51 a tonne from last week's high of $US65.61.
Westpac economist Robert Rennie said Chinese rebar prices had more of an effect on iron ore than iron ore on rebar, and that relationship had diverged in May when iron ore rallied 12 per cent while steel prices fell as construction activity in China slowed...............................................Full Article: Source
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