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Price of Iron Ore dropped Down By 4% On Global market

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by - 11/1/2012 5985 Views

As per the status of Multi Community Exchange, the price of iron ore in India and in Global trade market declined by 4% last week-October 2012

According to the steel index and traders of China, it is revealed that the price of steel making raw materials shells out to Rs. 4,915 per ton due to the concern of lower demand from Indian steel mills and government restrictions on exports. Because of this mining restriction, other states like Karnataka are using other raw material for production of iron and steel including value added products or sponge products.           

Meanwhile, because of the scale iron ore with iron content 62% dropped to 0.3% and the value is $119.60 per ton. Steel index buyers-world’s largest consumer China, exercise vigilance in trade although gradual pick up in steel and iron ore is keep on decreasing.

Since recovering from three years, the price of iron ore have been spellbound between the ranges between $110 and just below $120 as China’s economic brake hold back for raw materials. But still now miners continue to delegate cargoes on the market, hoping for a sustained increase in China’s iron ore production.

Category : Metal

Tags : steel trade, production of iron and steel

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About sunitha k.s

It’s me Sunitha from RecycleInMe. I write interesting news and updates related to recycling and scrap trading industry. Being an environment enthusiastic, I am feeling so proud to work in RecycleInMe (RIM).

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