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Iron ore prices slide to 16-month low, here’s why

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Iron ore prices slide to 16-month low, here’s why

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There has been pressure in the ferrous metal prices whether it is steel which is trading at a multi-month low or iron ore, which is also trading at a 16-month low right now.

There has been pressure in the ferrous metal prices whether it is steel which is trading at a multi-month low or iron ore, which is also trading at a 16-month low right now.
Iron ore prices were at a record high of USD 229 per tonne in the month of May and since then, the iron ore prices have been under pressure so much so that the prices have broken below USD 100 per tonne as well. That is more than 50 percent of a decline that has been seen from all-time high levels.
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China’s efforts to control prices is one reason for that and the other is that there have been enforced curbs in case of steel production in much of China. As winter approaches, further curbs will be put which seems to be weighing.
Within China, there already has been a decline in steel production for the fourth straight month in October.
The cost of production for iron ore is still at around USD 70-80 per tonne.
The Chinese output is the lowest since 2017 for steel and that would continue to weigh on iron ore prices even more, going forward.
Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.
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