The price of iron ore dropped below $90 for the first time in almost a year to $88.28 due to increased supply, low steel production, adverse market conditions and weak demand.
Australian iron ore 62% Fe on DCE to $89.5/t CFR, down $1.5/ton after RMB 10/ton ($1.4/t) in January contracts and $2.11/ton decrease in SGX in November contracts. declined.
China's daily crude steel production continued to decline in mid-October, falling 2% from the beginning of the month to 2.06 million tons. Sources predict that steel production will continue to decline in November, as some mills will carry out maintenance work earlier than usual due to weak margins.
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