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Towering demand and price fall of Iron Ore go hand in hand

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by - 11/14/2012 8283 Views

Reports reveals that there has been increasing demand of iron ore in Chinese steel mills from few weeks leading to prolonged fluctuations in the steel market that kept on diminishing the prices in the global market too.

Chief person of a source who endows spot prices of steel, and steel making materials including iron ore expressed that “Prevailing to the increasing demand of iron ore, many Chinese industries do not have enough material stocks like iron ore, steel etc. so now started to purchase these materials vigilantly”.

Now the price of iron ore is pushed back to its lowest level when compared to the recent years. In the last month, the demand of iron ore was improved by the trade of China and Western Australia, the pioneers among the scrap metals traders which increased the trade value of iron ore by 17% when compared to that of the previous month. Now the targeted price of iron ore is increased to about 40%.

“Any how few traders are expecting the new supervision to divulge the growth potential support to iron price which is now having steady growth around $120 per ton” TSI (That’s Scrap Inc) said.

Category : Metal

Tags : iron ore prices, demand of iron ore, stainless 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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