Iron ore prices tumbled to a seven-month low yesterday as negativity spread through the Chinese steel industry.
Analysts said that both traders and steelmakers in China, which accounts for 60 per cent of global seaborne iron ore imports, had been selling down stocks amid widespread anxiety about the outlook for demand, and concerns about overcapacity in the industry.
“Panic is building on panic,” said Melinda Moore, bulk commodity strategist at Standard Bank in London.
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