Daily iron ore price update (steel save)

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Iron spot prices eased back. Paper fell harder. Steel jumped higher. Reuters explains:

China’s top steel city of Tangshan has imposed a new set of output restrictions on its iron and steel firms because of persistently high industrial gas pollution levels, the local government-backed Tangshan Labour Daily reported on Monday.

Two units of steel giant Shougang, Hebei Wenfeng Iron and Steel, Tangsteel, Delong Holdings and Hebei Zongheng Steel must cut production at sintering plants, blast furnaces, converters and lime kilns by 20% until Aug. 1, the newspaper said.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.