Steel mills see room for further iron ore price cut

Iron ore prices fall in global markets due to oversupply and lower demand resulting from expected fall in steel output in China

Faced with a minuscule cut in iron ore prices by NMDC, which did not match the global price decline for September, domestic steel mills see the potential of a further cut in the price of the primary steelmaking raw material in the near future.
 
The benchmark iron ore with 62 per cent Fe content reported a decline of a staggering 21.4 per cent in the global markets in September to close the month at $62.1 a tonne. Similarly, iron ore fines with 58 per cent purity closed with a decline of 17.5 per cent in September at $46.4 a