Prices have more than halved since peaking in May and that's bad news for the world's top miners
A tipper truck drives on a road through a BHP Billition iron ore mine at Newman, about 1,300km north of Perth, Australia. Picture: REUTERS/TIM WIMBORNE
Prices have more than halved since peaking in May as the world’s biggest steelmaker intensifies production curbs to meet a target for lower volumes this year, and a sharp downturn in China’s property sector hurts demand. A drop back to double-digits for the first time since July last year would be a relief for steel producers, but a blow to the world’s top miners that have enjoyed bumper profits during the first-half rally. It’s bad news too for top iron ore producer Australia, where the key steelmaking ingredient generates about 40% of goods exports.It’s been a stark turnaround from the first half, when steelmakers ramped up output and economic optimism and stimulus aided consumption.
China has repeatedly urged steel mills to reduce output this year to curb carbon emissions. Now, winter curbs are looming to ensure blue skies for the Winter Olympics.
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