Iron ore futures in China, the world's largest buyer of steel raw materials, hit a nearly three-week low on Tuesday after Brazilian mining company Vale SA announced a third-quarter increase in production.
Concerns over declining demand for iron ore in China, which accounts for about half of global steel production, due to new efforts to curb air pollution by restricting steel mills in some areas have also put pressure on prices. p>
The best-selling iron ore contract on the Dalian Commodity Exchange fell 1.2% to 644 yuan (approximately $ 91.05) a tonne, after falling 3.3% earlier in the session to its lowest level since September 26 .
Vale, the world's largest iron ore exporter, posted a 35.4% increase in fourth-quarter production to 86.7 million tonnes from July to September on Monday.
Spot Ore with 62% Iron (SH-CCN-IRNOR62) remained stable on Monday at $ 92.50 /t, still 15% higher than at the beginning of the year, but 27% lower in up from its July 3 peak of US $ 126.50 per tonne.
According to the latest estimates from SteelHome, improved supplies of iron ore from Brazil and Australia have pushed inventories in China to a five-month high of 129.95 million tonnes.
20% of the world's iron ore reserves are located on the territory of Ukraine. Ukraine ranks first in the world in terms of iron ore reserves, and seventh in terms of production.
According to the State Fiscal Service, Ukraine in 2018 reduced the export of iron ore and concentrate by 1.3% compared to 2017, to 36.91 million tons. But in monetary terms, exports increased by 10.9% - to 2.87 billion US dollars due to an increase in world prices.
