Waning chinese growth affects iron prices

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Wed, Oct 22, 2008
Natural Resource Market News
Post by Melissa Pistilli, Resource Reporter

Iron Investing News reports iron futures have fell dramatically since the financial turmoil in Wall Street.

Reports out yesterday show Chinese third quarter economic growth fell 1.1 per cent from the second quarter and 3 per cent from last year to 9 per cent. As economic growth shrinks in China, a major force in the global market, so does the demand for commodities like iron ore. As demand from automakers and builders slows and China’s chief steel companies cut-back production rates, the spot price for iron ore has plummeted.

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