The spot reference price for 62% Fe iron ore cfr North China steadily declined all week, settling at $131.30 on Friday, May 18, 2012, down some 4.6% from last Friday to the lowest level since December 19, 2011.  Iron ore has now posted five straight weekly declines and is now down some 12.1% from the recent peak on April 13.

The post-recession low was $59.10 on March 27, 2009, while the high was $190.19 on February 17, 2011.

Source: The Steel Index