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Iron ore teeters on $100/t as Chinese steel chokes
Chinese steel mills have been ordered to curb production once again to reduce air pollution, in the same week iron ore prices crept back towards $US100 ($139) per tonne. The Chinese Government has sought to restrict crude steel production in 2021 to within 2020’s record levels of 1.064 billion tonnes, improving air quality and environmental credentials. By the end of October this year, China had produced about 875.5 million tonnes of crude steel, according to the World Steel Association (WSA), leaving room for a further 190 million tonnes in November and December. Considering the final two unrestricted months of ... (full story)