A fall in Chinese steel output of 23 million tonnes next year will have little impact on the country’s bloated steel sector
, with many participants arguing for reductions at least ten times that level to take effect.
Depressed steel demand weighed on the iron ore spot market.
The Metal Bulletin iron ore index for 62% Fe material finished the week below $45 at $44.91 per tonne cfr Qingdao on Friday November 20, a week-on-week drop of $3.23 per tonne.
Data from China’s National Bureau of Statistics (NBS) showed that domestic iron ore production fell further in October
, with volumes down 6.4% year-on-year amid a deteriorating market.
In an attempt to lift the technological threshold for the steel industry and to phase out...