Iron ore prices fell on Thursday, pressured by confirmation of a deal between Chinese state buyer China Mineral Resources Group (CMRG) and miner Rio Tinto. The movement occurs against a backdrop of still-squeezed margins for Chinese steelmakers and signals of ample raw material supply in the international market.
On the Dalian Commodity Exchange (DCE), in China, the most-traded iron ore futures contract, expiring in January, closed down 1.62%, at 669 yuan per ton, equivalent to US$ 100.23.
The reference contract for November traded on the Singapore Exchange was down 1.3%, to US$ 89.85 per ton.
CMRG closes …
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