Texture from Bloombergo:
“Iron ore fell sharply on subdued demand,” said Commonwealth Bank of Australia analyst Vivek Dhar. Mills’ restocking ahead of China’s week-long national holiday that starts Oct. 1 is closing, and concerns over steel demand in the fourth quarter have caused margin volatility, he said.
…As winter approaches, traders are also assessing the potential impact of seasonal curbs on steel supply in China, which are intended to roll back air pollution in the world’s largest producer. Authorities have released a draft plan for this year, according to Citigroup Inc., citing a local report. “The overall impact could be similar to that of last winter,” Citi said in a note.
