Iron ore prices fell on Thursday after China announced plans to reduce its annual steel production this year. The benchmark 62% Fe ore imported into North China fell 2.51% to $129.88/tonne.
The best-selling May iron ore contract on China's Dalian Commodity Exchange ended in day trading at 2, 8% down to 902 yuan ($130.75) a ton after hitting 897.50 yuan earlier, the lowest level since March 9.
China will cut annual steel output again in 2023, marking the third year in a row that the government has imposed a production cap under its emissions reduction program.
Sinosteel said there is 'strong chance' that steel mills will maintain 'stable production growth' in the first half of 2023.
