The decline in iron ore prices over the past two weeks turned into a debacle on Thursday, as fears of a new proposal emerged, coupled with fears that Chinese steel production could peak.
The North China Steel Index's benchmark 62% Fe ore fell 7.4% to $ 63 /t on Thursday, which is still at an 11-week low. Annual iron ore has lost 20.8% of its value.
Chinese imports account for about 70% of maritime trade in iron ore, and while last year's shipments matched a record import of over 1 billion tonnes, supply continues to grow in 2017, particularly from large producers in Australia and Brazil.
A new report from BMI Research predicts moderate growth in global iron ore production over the next five years, amid falling domestic production in China and slowing growth in Australia, driven by sharp increases in Brazil and India.
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