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Reuters reported as iron ore prices continue to slide, China’s iron ore miners are cutting back on output.
Reuters reported as iron ore prices continue to slide, China’s iron ore miners are cutting back on output.
As quoted in the market news:
China produces about 1 billion tonnes a year of iron ore and buys 60 percent of the steelmaking raw material traded globally. But a slowdown in its economic growth has undermined demand assumptions and hit prices hard: iron ore fell last week to $86.70 a tonne, a level unseen since October 2009.
