The price of the steelmaking ingredient seems to be finding a floor around $90 a tonne in recent weeks, having plummeted by 62% from its record high of $235.55 a tonne in May to a recent low of $88.85 on November 15.
The spot price of the benchmark 62% grade for delivery to north China, as assessed by commodity price reporting agency Argus, ended at $90.70 a tonne on Wednesday.
The price has traded at $90-$100 a tonne so far in November, with only a brief drop of two trading days below $90, which coincided with the weak Chinese steel production figures.
China buys about 70% of global seaborne iron ore volumes and produces about 50% of the world’s steel.
