The price of steelmaking ingredient iron ore, a major source of profit for some of the world’s biggest mining companies, has fallen below $60 a tonne on concern demand will suffer from an environmental crackdown in China.
Beijing has ordered heavily polluting industries that operate in the smog prone provinces of Hebei, Shanxi and Shandong to reduce output and curb emissions over the winter heating season, a period that runs from October to March.
Mills have started to cut steel production in some of the big cities in these areas, said traders, curbing demand for iron ore and other materials needed to make steel such as coking coal.
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