Daily iron ore price update (flame out)

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Texture from Reuters:

China’s biggest steelmaking city of Tangshan will carry out output restrictions on industrial firms for September and early October, to further strengthen improvement of its air quality, state media reported on Tuesday.

More than 30 steel mills in Tangshan have been asked to cut operations throughout the month. From Sept. 1 to 27, sintering operations at mills will be cut between 20% and 50% and blast furnaces by 30%, the state-backed China Metallurgical News cited a notice issued by Tangshan government. A sintering plant uses heat to process iron ore ahead of smelting into steel.

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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.