Iron ore price down on signs of economic slowdown in China

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.