Iron ore, the main raw material used in steelmaking, is officially in a bear market, having slid in price by more than 20% since the start of the year. Prices fell 8.3% to $104 a tonne last Monday, marking the commodity’s second-worst one-day percentage decline on record.
Prices look set to fall further. China is the key driver of demand, and economic data coming out of the country point to a slowdown amid a state-induced credit squeeze.
A sharp slide in Chinese exports took the markets by surprise on Monday. Exports fell 18.1% in February from a year [...]
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