Steel prices slowing or pausing their descent, but further...

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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