Iron ore futures fell in Singapore and Dalian, according to data from foreign sources.
The reasons for this decline include concerns over the banking crisis in the US and some Chinese producers reducing their production.
Also, shares of regional banks in the US fell again this week, with the collapse of First Republic Bank.
According to survey results from China's 247 steel mills, a daily reduction of 1.3 percent was reported, as well as a decline in demand.
Standard June iron ore prices fell on the Singapore exchange, as well as the price of the best-selling iron ore on the Dalian exchange in September.
Technical maintenance will increase at some mills over the next short period, which will further reduce demand. These declines will also apply to other steel products.
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