The iron ore industry is in a turmoil. According to data given by The Steel Index, the Northern China benchmark iron ore price came down by 2.5% to $59.50 per dry metric tonne bringing the losses for this week to 8.7%. This was not the case two weeks ago. The price of iron ore had hit a 16-month high with an 11% hike in just two trading days. This happened during the trading on the Dalian Commodities Exchange, the world’s most active iron ore price futures trading body.
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