Daily iron ore price update (the smashening)

Texture from Argus:

Negative margins have forced Chinese steelmakers to cut output by more than 1mn t in August, sending domestic prices higher today.

More than 30 mills in Shandong, Shaanxi, Shanxi, Gansu, Sichuan and Fujian have announced maintenance shutdowns that will cut production by at least 1.15mn t of output in August, equivalent to less than 2pc of China’s monthly run-rate.

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