It is reported that Iron ore offer fell more than 8% on last Wednesday, due to the oversupply of steel from China, the largest steel consumer in the world.

Metal Bulletin showed that the iron ore content with 62% of iron shipped to Qingdao, has been dropped significantly by 8.5% on Wednesday, and closed at US$68.04, it has dropped by 28% since February 21st of this year.

Iron ore market remains uncertainty in the future, according to Goldman Sachs says that iron ore may fall to US$60/ton in the third quarter of this year.