Iron ore sales do not slow down

The decline in iron ore futures accelerated as China warned mills to cut their steel output.

Iron ore futures in Singapore fell 10 percent to a 7-month low, down more than 40 percent since the start of the year.

While repeatedly warning Chinese steel mills to reduce carbon emissions, the fall in steel production in July indicates that the measures have begun to take effect.

In a note shared on the subject, Fitch said, “In line with our expectations, global steel prices started to decline. With the slowdown in the construction industry in China, we expect the decline in prices to continue in 2021 and 2022," he said.

Iron ore prices fell 10 percent to $154 a tonne in Singapore.