Iron-ore tumbles as world’s biggest steel producer cuts output

Prices in Singapore tumbled for a fifth day as the world’s top steelmaker ramped up efforts to cap annual volumes. That’s seen iron-ore inventories at China’s ports expand to the highest since April 2019, a sign of slowing demand.

Daily crude steel output in the final third of October dropped to the lowest since March 2020, according to researcher Mysteel, which cited a survey of 247 blast furnaces and 71 electric-arc furnaces. There were frequent requests from local governments to curb output, while lackluster steel demand and softening prices have dampened mills’ willingness to produce, it said.

The China Iron & Steel Association has previously said steel output fell in early and mid-October.