Iron ore price extends losses on China demand concerns

Iron ore prices extended losses on Wednesday, with demand prospects temporarily weighed down by China considering cutting its crude steel output by around 2.5%.

The target was proposed by policymakers at a meeting last week but it has not yet been finalized, said sources familiar with the matter.

Some officials said a cut of 2.5% was too high as the economy was still recovering and the target was expected to be set before the end of June.

Benchmark 62% Fe fines imported into Northern China fell 2.33%, to $121.81 per tonne.