Iron ore falls as China steel group urges output cuts
Commonwealth Bank of Australia’s Vivek Dhar says a call from China’s main steel industry group to curb mill output and reduce inventories is weighing on iron-ore prices.
Commonwealth Bank of Australia's Vivek Dhar said a call by China's main steel industry group for mills to cut output and trim inventories is pressuring iron ore prices. He said more than 90% of Chinese steel mills are estimated to be unprofitable, and that market conditions appear to be worsening.