Pig iron hits 13-month low
Iron ore prices dropped to their lowest in 13 months, reaching $92.85 per ton in Singapore. This is expected to put pressure on some higher-cost supplies. The decline is attributed to seasonal weak demand in China, reduced profit margins among steel mills, and the lack of economic incentives from Beijing. Estimates suggest that restoring market balance will require prices to fall to around $85 per ton, amid concerns about Radiant World following allegations of falsification. However, the market later stabilized, and prices rose to $93.90 per ton.
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