Reuters reported iron ore prices may fall as Shanghai rebar futures fell after jumping up nearly six percent on Friday.
As quoted in the market news:
Despite Friday’s jump, iron ore is still a quarter down from levels in early July. Prices fell to a near three-year low of $86.70 on Sept. 5, as poor steel demand pushed Chinese buyers away from the market.
The collapse in iron ore prices to nearly half over the past year has forced world No. 4 iron ore miner Fortescue Metals Group to restructure an $11 billion debt load, details of which it is expected to announce on Tuesday.