Iron ore prices halted a two-day rebound as Chinese steel prices extended declines amid further government curbs and BHP prepares to start operations at its South Flank mine.
The steelmaking hub of Tangshan announced fresh curbs, including ordering sintering units to stop work from midnight to 10 a.m. from May 18-20, Mysteel reported.
The move is the latest in a series of measures targeting the city, which last week banned mills from fabricating or spreading price-hike information after Premier Li Keqiang earlier urged China to deal with surging prices.
Benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $216.16 a tonne, down 3.5%, according to Fastmarkets MB.
China will strengthen its management of commodity supply and demand to curb “unreasonable” increases in prices and prevent them being passed on to consumers, the country’s cabinet said on Wednesday, as it urged coal producers to boost output.
The country will step up adjustments on the trade and stockpiling of commodities and reinforce inspections on both the spot and futures markets, as state broadcaster CCTV reported the cabinet meeting chaired by Premier Li Keqiang as deciding.
