Chinese iron ore prices slump in market panic

Aug 22, 2012 | 12:56 PM | None

Tags  iron ore, panic selling, steel, Global Ore

SHANGHAI, China — China’s imported iron ore prices tumbled Wednesday due to panic selling and a complete lack of confidence.

Mainstream spot prices for 63.5-percent iron content Indian fines were between $111 and $113 per tonne c.f.r. China, down $4 from Tuesday to the lowest level since December 2009.

"The market is collapsing, and it is inevitable that prices of 62-percent iron fines will drop below ... $100 per tonne c.f.r. soon," an iron ore trader in Shanghai told AMM sister publication Metal Bulletin.....

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