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New reports are suggesting China’s demand for iron ore could decrease by around 7%, as anti-pollution measures could limit steelmaking across northern China.
The price of iron ore dropped 12% last week, and declined further early this week with the news that some of China’s biggest steel-producing cities could soon be hit with the measures.
Iron ore demand is expected to drop between 7 and 8 million tonnes each month.
Nine cities in northern China have recently released action plans to tackle pollution, and concentrations of heavy industry have been repeatedly targeted in those plans.
Iron ore was trading at US$63.06 a tonne on September 26, compared to US$63.56 a day prior.
“The environmental policies are definitely having an impact on the iron ore market,” Mysteel chief information officer Xu Xiangchun was quoted as saying by Fairfax.
“Different places put different restrictions on the scale of steel production. I think these combined will cut iron ore demand by 7 to 8 million tonnes a month starting in October.”
This article first appeared on www.railexpress.com.au
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