Iron ore futures prices fell as markets assessed the possibility of a cut in steel production in China, which could weaken demand for the ore, a key component of the steel industry. During Tuesday's trading on the Dalian Exchange in China, the most active iron ore contract for September delivery ended the session down 1.75% at 698.5 yuan ($97.16) per ton. On the Singapore Exchange, iron ore futures for June delivery fell more than 1% to $96.05 per ton as of 11:13 a.m. Mecca time. Tang Zuojun, vice chairman of the China Iron and Steel Association, said at an industry event in Singapore today that China is seeking to control the expansion of its steel sector to address the imbalance between supply and demand. In a recent note, analysts at ANZ Bank noted renewed speculation about steel production cuts, rekindling concerns in the iron ore market. The analysts explained that several mills in Shandong Province have already begun reducing their production, according to Reuters.
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Steel NewsMay 28, 20251 min read