Iron Ore-Prices at 3-month lows, miners put more cargo on spot

Jun 29, 2011
* China steel prices slip further as construction slows
* BHP Billiton, Rio selling more cargoes on spot-trade
* BHP tenders 190,000 tonnes iron ore fines
By Manolo Serapio Jr

SINGAPORE, June 29 (Reuters) - Spot iron ore prices languished at three-month lows and deals remained scarce on Wednesday as lower steel prices in top producer China continued to limit buying interest for the steelmaking ingredient.

Global miners BHP Billiton and Rio Tinto <0#SGXIOS:> extended losses on Tuesday, with Singapore Exchange-cleared contracts from July 2011 through December 2013 mostly lower, reflecting investor expectations of further decline in spot prices.

Brazil's Vale , the world's No. 1 iron ore miner, has cut its production target for 2015 by 10 percent as the outlook for Chinese growth slows and new mine projects face delays.

(Reporting by Manolo Serapio Jr.; Editing by Ed Lane, Thomson Reuters)