The iron ore price fell again on Monday after China’s steel-producing province Yunnan asked local mills to adjust production schedules while ensuring that its 2021 crude steel output falls.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $123.84 a tonne, down 4.6% from Friday’s closing.
Part of the planned September crude steel production would be postponed to the last two months of the year, according to a government document.
The province, which makes about 2.3% of China’s total crude steel, has been missing energy consumption targets and suffering from power shortages. Yunnan also ordered its aluminum smelters to keep average monthly output for September-December at August volumes or lower and the cement industry to cut September production by more than 80% from August.
China has vowed to limit crude steel output this year at no higher than its 2020 production to curb industrial pollution.
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