Iron ore faces renewed pressure and risks going back to the 60s again as China's economy shows signs of cooling and global production increases, while planned cuts in steel capacity for the world's largest consumer this winter could be even greater. reduce demand.
Qingdao's 62 percent iron ore fell 2.5 percent to $ 72.13 a tonne on Friday, the lowest level since July 28, increasing losses 3.4 percent the previous day, the highest since May, which almost reached $ 80 in August, posted its first weekly decline versus June.
Steel raw materials are in retreat after many negative outlooks. Industrial products and retail reports from China this week suggested unexpectedly slower growth rates. In addition, shrinking pollution abatement capacity in Asia's largest economy threatens consumption, and further expansion of mine supplies from Brazil and Australia is also threatening prices.
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