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Iron ore price in full retreat as Chinese steel starts to pile up – MINING.COM – MINING.com
Chinese steel mill capacity utilisation falls for five straight weeks and inventories are piling up, new data show.
The steelmaking raw material hit its highest level since September 2011 earlier in January.
Reuters reports capacity utilisation rates at 163 blast furnaces across China fell for five straight weeks to 82.2% last week, according to data from Mysteel consultancy.
That lead to a rise in steel product inventories which had been piling up for a month and in the week to January 21, jumped 6% compared to a week earlier.
The dip in iron ore prices also came despite World Steel Association data released…
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