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Iron ore price drops on China’s appeal to cut steel output – MINING.COM – MINING.com
Benchmark iron ore futures in China fell nearly 6% on Wednesday, after the country urged the steel industry to produce less crude steel next year.
But the Ministry of Industry and Information Technology called on the steel sector to “resolutely” cut crude steel output and ensure an annual drop in 2021.
The most active iron ore futures on the Dalian Commodity Exchange have gained 37.8% this quarter and 21.5% in December alone.
Transitioning the Chinese economy to carbon-neutrality within a few decades could cost $5.5-trillion
As the worlds largest producer of steel at 1.1 billion tonnes in 2020, China has shut down 150 million tonnes of annual…
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