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Iron Ore Drops on Steel Output Cuts Ahead of China Policy Meet - BLOOMBERG
Iron ore slumped below $100 a ton for the first time since mid-January as some steel mills curbed production to ensure blue skies during the government’s upcoming policy meetings in Beijing, where overcapacity in the industry is also likely to be a topic for discussion.
Futures in Singapore fell as much as 2.6% to their lowest since Jan. 14 after steelmakers in the production hub of Tangshan halted work. Output cuts to ease pollution are common ahead of the annual National People’s Congress, which begins on Wednesday.
