According to Madan News, yesterday, the price of each ton of 62% iron ore in the Chinese market fell by $0.85 to $105.5; a decrease in which the increase in the supply of low-grade iron ore in Chinese ports and pressure on the market played a major role, although the demand of factories remains high.

Yesterday, the price of each ton of 62% iron ore in the Chinese market fell by $0.85 to $105.5 CFR per ton.

This decrease was mainly due to the increased supply of low-grade iron ore shipments in Chinese ports, which created downward pressure on the market.

Despite good demand in the Chinese market, low profit margins for steel mills prevented prices from rising. Still, demand for iron ore is strong as mills look for cost-effective alternatives to higher-grade iron ores.