Chinese Dalian Iron Ore Futures Continue To Correct From Record Highs on Emissions

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Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin were trading around $169.5/tonne, down of 5% from an almost 10-Year high of $178 touched in early March amid an uncertain demand outlook from China.

The production in China’s top steel-producing city Tangshan is set to decline due to environmental curbs while the Caixin survey showed that Chinese manufacturing activity unexpectedly expanded at the slowest pace in almost a year in March.

Output at Brazilian miner Vale, the world’s top producer, is expected to recover to normal levels by the end of 2021. Meanwhile, steel futures were trading at record highs.