Iron ore price down as China limits steel output ahead of Communist Party Congress.
The restrictions will apply from October 14 to 22. Hebei, which neighbors Beijing, has made headway in reducing capacity in recent years but still accounts for about a fifth of national production.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $96.59 a tonne Tuesday morning, down 1.9%. China typically mandates output curbs for highly polluting industries around the capital to ensure air quality for showcase events, and similar restrictions were ordered for the Beijing Olympics earlier this year.
“Chinese steel prices are likely to rebound in October with market fundamentals improving and macroeconomic support policies coming into force,” Mysteel consultancy“Caution is likely to prevail, however, ahead of this month’s Chinese Communist Party congress.”
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