Spot iron ore prices in China fell to six-week low on worries of slower demand from the world’s top buyer as the country shuts down small steel mills to meet its energy savings goal.
Imported ore in China of Indian origin with 63.5 percent iron content was quoted at $147 to $149 per tonne, with freight, on Monday, the same level on Friday China has either closed down or asked several steel mills to trim output by up to 70 percent as the country races to meet its year-end power savings target, a move some analysts say could remove up to 25 million tonnes in annual capacity in coming months, weighing on demand for steelmaking material iron ore.
Source: Reuters
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