iron ore-key indexes fall, page-10

Steel prices slowing or pausing their descent, but further downside in IO likely.

Iron Ore ?Falls as China Cuts Steel Production

By Leslie Hook in Beijing
Last updated: October 25, 2011 8:34 pm

Chinese steel mills have started to cut their production as tighter credit conditions and a cooling real estate market bite in the world’s biggest steel market, pushing the cost of iron ore to a 15-month low.

The price of the iron ore in the spot market plummeted on Tuesday to the lowest level since July 2010, dropping a hefty 7.2 per cent – the biggest one-day drop in more than 26 months – to $128.50 a tonne, according to pricing agency Platts. Iron ore prices have fallen more than 30 per cent over the last six weeks.

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