China’s iron ore demand dropping
A few days ago, China’s iron and steel industries faced a drop in production so that some Australian suppliers are really concerned. While two weeks ago they were still full of confidence, the situation has changed at this time. Last week, Gibson Hill said that he is worried because some customers began asking them to defer shipments of iron ore. It has been revealed that China’s enterprises will reduce their production.
The report showed that four Chinese enterprises began to cut production by 20 percent. Baosteel has plans to follow up on the four companies, and reduce 1 million tons, or nearly 10 percent, of production in the next quarter.
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