- Published: Tuesday, 08 June 2010 14:36
- Written by E&MJ News
Spot prices for seaborne iron ore imported into China have fallen by more than 20% in a month, from a peak of $186 per metric ton (mt) on April 20, 2010, to $147.5/mt on May 24, 2010, according to Platts data. Platts provides daily price assessments for iron ore reflective of the transactable value in the spot open market. The drop in value mirrors similar declines for basic raw material commodities around the globe. China imports more than 60% of the world’s seaborne iron ore supplies.
“Concerns over sovereign debt in the Eurozone seem to be hitting all key commodities globally,” said Jorge Montepeque, director of market reporting, Platts. “These primary industrial inputs are being affected by the recent market bearishness over concerns of possible economic contraction and thus, resource need reductions, resulting from the broader sovereign debt.”