Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
China confirms steel output cuts amid weak demand.
Iron ore futures drop over 2.8% on Dalian exchange.
Market expects muted demand through early summer.
Iron ore prices slipped on Tuesday after China’s leading steel industry body confirmed that output curbs are actively underway across major steel mills to balance oversupply concerns and environmental targets.
The China Iron and Steel Association (CISA) stated that several mills have already started scaling back production in response to sluggish domestic demand and growing inventories. This development triggered a dip in benchmark iron ore prices on the Dalian Commodity Exchange, reflecting market worries over reduced short-term consumption.
Iron ore futures for September delivery dropped by 2.8% to 863 yuan ($119.34) per tonne, while Singapore’s benchmark rates also softened. The curbs come as part of China’s broader industrial strategy to control emissions and stabilize commodity prices in the face of a slow economic recovery.
Market analysts noted that with production restrictions in motion, iron ore demand is expected to remain muted through May and June, which could keep prices under pressure in the near term.
Meanwhile, traders anticipate that mills may resume operations cautiously later in the year, depending on construction demand and policy directions.
Also Read : Vedanta Halts $2.5 Billion Steel Sale Amid Market Uncertainty Foxconn India to spend ₹1,200 cr to build a factory, scale up operations
The mines ministry has requested the Jharkhand government to sell 10 mineral blocks, including a gol...
Raw Material 15-Jul-2024
The road transport and highways ministry has approved approximately ₹6,000 crore for 11 distinct pac...
Notification 12-Feb-2024
JSW Steel may lose 10-15% production capacity. ₹4,500 crore EBITDA dent expected from BPSL liquidat...
Business 03-May-2025
1️⃣ JSW Steel surpasses global competitors to become the most valued steel company by market capital...
Business 27-Mar-2025
Indian exports increased 170% to 44 million tonnes last year, with the majority going to China at a...
Ferrous 23-Feb-2024
Adani Power and Jindal Power are reportedly considering participation in the bidding process for the...
Large Corporate 23-Jan-2024