Seaborne iron ore prices slide below $60 per tonne cfr as production cuts loom

Seaborne iron ore prices fell below $60 per tonne cfr on Wednesday October 11 with more production restrictions reported from China’s steelmaking hub of Tangshan.

Key drivers The northern Chinese city ordered steel mills in eight districts and counties to halve their sintering activity and pellet production from 8pm onwards on Tuesday, due to forecast air pollution, Chinese media reported late on the same day. The Tangshan government has asked local steelmakers to maintain the cuts over October 12-31 to further improve air quality, according to a document circulated on the Internet late on Wednesday afternoon. The start of the off-peak production plan for the winter heating season has been brought forward from mid-November to mid-October, and mills need to adhere to the sintering and pellet-making limits until a detailed plan is issued, the document said. Most local mills have implemented the unexpected measures, and they still have enough sintered ore for short-term needs, sources told Metal Bulletin. But...

Published

July Zhang

October 11, 2017

12:03 GMT

Shanghai