Iron ore price falls as China plans to cut steel production
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.