Reuters reported that spot iron ore prices in the world top consumer China continued to fall on Tuesday, dragging down key indexes to more than 13-month lows.
Also, Shanghai rebar futures tumbled to a fresh contract low on demand concerns.
Shanghai most-active January rebar futures hit a fresh contract low at RMB4, 112/ton on Tuesday before ending 1% lower by the midday close.
An iron ore trader in the coastal city of Dalian said that the overall market is in panic as small mills started to shut down some blast furnaces, while big ones are relying on their existing iron ore inventories and reduced buying