Iron ore lost 4.5 percent in a day

Ore with 62 percent iron in Qingdao port fell 4.5 percent on the day to $ 45.58 per dry tonne. This is the lowest price since May 2009.

Iron ore broke the psychological level of $ 50 per tonne at the end of October, when the largest metallurgical companies confirmed their plans to expand production.

BHP Billiton, Rio Tinto and Vale SA no longer hide the fact that their main task for the coming months is to knock out players with more expensive production costs from the market. These companies are ready to trade ore at $ 20 per ton, which other producers cannot afford.

The fall in ore prices accelerated after steel production in China began to decline. According to the CISA metallurgical association, over 10 months, steel production in the PRC decreased by 2.2 percent, and apparent consumption - by 5.7 percent.

Ore reserves at Chinese ports rose 0.6 percent to 86.55 million tonnes.

On Tuesday, steel prices in China fell to historically low levels, prompting the closure of the country's largest steel mills. The fate of the personnel of these enterprises is very vague.