| The price of iron ore, a key steelmaking ingredient, fell to its lowest level in at least seven years on Tuesday, as steel demand in China continues to weaken. The price of iron ore for China delivery hit $43.4 a tonne, according to the Steel Index. That is a record low in its data going back to the end of 2008, when iron ore prices moved on to a spot market from bilateral pricing contracts.
The drop comes after steel prices in China hit record lows in recent days. Analysts at Macquarie estimate that Chinese steel demand will fall 5.7 per cent this year, and will drop again in 2016...............................................Full Article: Source
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