Singapore iron ore is off around 5%, Dalian (China) off around6%.
Steel production in China is being restricted in Tangshen on pollution concerns. This is weighing on iron ore demand, and on that for coking coal also.
Reuters reported Friday that
- Seven mills will cut production by half from Saturday until June 30, and by 30% in the second half of 2021, the notice said.
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Iron ore is huge Australian export to China. The curtailment of demand and building inventories in ports should have a negative impact on AUD.