Iron ore prices fell to a one-month low as buying from Chinese steelmakers declined, an early sign that the rally that propelled the commodity 35 per cent higher over the past three months is starting to fade.
The benchmark for iron ore delivered to China – with 62 per cent iron content – fell to $119.50 a tonne, according to price reporting agency Platts, down 25 cents on the day. Iron ore prices have fallen nearly 4 per cent in two weeks.
But the cost of the commodity, used to produce steel, remains well above the three-year low of $89 a tonne set in September.
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