Iron Ore Tumbles Below $100 as China’s Steel Woes Worsen
- Tangshan output could fall by 8 millions tons, says Minmetals
- Steel-making ingredient has fallen over 7% so far this week
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Iron ore dropped below $100 a ton for the first time in over five weeks on signs that the crisis in China’s steel industry is worsening.
Steel production in the key center of Tangshan will fall by more than 8 million tons in the second half due to plans to restrict output, Minmetals Futures said in a note on Tuesday. The hub produced about 75 million tons in the first six months, according to Mysteel.