China’s Steel Output Seen Shrinking as Rio, BHP Decline

Steel production in China will shrink this year as consumption has peaked, according to the China & Iron Steel Association. Iron ore miners’ shares declined, with Rio Tinto Group posting the longest losing run since December.

Output will contract to an estimated 814 million metric tons in 2015 from 823 million tons last year, Deputy Secretary-General Li Xinchuang said at an iron ore conference in Perth, Australia, on Wednesday. The association is funded by China’s major steelmakers and is the only nationwide industry body.