Economics
How Blue Skies for Obama in Beijing Help to Cut Iron Ore Prices
This article is for subscribers only.
Iron ore prices dropped to the lowest level since September amid a lack of demand in China, with some mills in the world’s largest buyer ordered to suspend production before a summit of world leaders in Beijing.
“Demand remains weak as Chinese buyers sit on the sidelines, with many Beijing steel mills forced to halt production leading up to the APEC meeting,” Australia & New Zealand Banking Group Ltd. said in a daily report today. Prices dropped yesterday with a lack of bids, the bank said.