Chinese Iron Ore Futures at Record Low

Reuters reported that Chinese iron ore futures fell to a record low on Monday due to weak demand from steel consumers.

As quoted in the market news:

Weaker steel prices have forced mills in the world’s largest producer to cut production, limiting their appetite for restocking the raw material. The tight credit crunch at year-end also dampened their buying interest. 

The most active iron ore futures for May settlement on the Dalian Commodity Exchange hit a low of 885 yuan ($150) a tonne, the first time it has been below 900 yuan since the contract was launched in October. It pared losses to trade at 893 yuan by 0314 GMT, down 1.6 percent.

Read the full Reuters story here