The prices of iron ore fell below $100 per tonne on Wednesday as steel prices fell in China.
Imports of 62% Fe iron ore into northern China decreased by 3.22% to $97.83 per tonne. With this reduction, prices reached the lowest level since November.
Iron ore for September, the most-traded on China's Dalian Commodity Exchange, decreased by 4.6% to close at 682.50 yuan ($98.74) per tonne. Prices hit their lowest level since May 5 at 682 yuan.
Iron ore traded on the CME closed at $95.54, down sharply by 4.7% from $100.10. With this figure, the CME iron ore price fell below its monthly low of $98 on May 10.
China's steel demand is likely to fall short of expectations for the peak construction season between March and May. On the other hand, Chinese steelmakers are also implementing production cuts to reduce emissions.
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