Iron ore prices fell on Thursday on concerns over steel output controls in China.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $162.96 a tonne, down 1.8% from Wednesday’s closing.
The most-traded iron ore contract on China’s Dalian Commodity Exchange ended daytime trading 2.2% lower at 838 yuan ($129.36) a tonne, wiping out gains made in the previous session.
China, which accounts for more than half of the world’s steel output, is seeking to limit its full-year production to no more than the 2020 volume in order to cut emission levels, but the restrictions imposed on mills are set to be extended beyond this year.
