Iron ore outlook dims as Beijing inventories and steel output fade

While steel’s woes have weighed on iron ore prices, so far this year import volumes have held up fairly well. — Reuters

THE price of iron ore has dropped for a sixth consecutive week as China’s steel sector continues to struggle and port inventories of the raw material stop rising.

Singapore Exchange futures ended at US$101.49 a tonne on Aug 9, up a touch from the four-month closing low of US$100.14 the previous day.