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Iron ore below $200/t as market weakens in China

Iron ore resumed sliding after a short break amid more temporary production cuts in Tangshan city, higher supply and renewed trade tensions between China and US.

Australian iron ore fines 62% dropped by $2/t to $199/t CFR, falling below $200/t CFR for the first time since May 31. Spot prices followed a RMB 27/t ($4.2/t) daily plunge in the raw material September contracts on the DCE. Further weakening of market balance and international trade conflict impacted the iron ore price.

Short-term expectations for iron ore demand worsened again with a new round of output restrictions in Tangshan. The city authorities ordered local steel producers ranking A to cut sintering, pelletizing, BF, converter and lime kilns operations by 20% till August 1, while all other mills have to reduce these operations by 50%.

 

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Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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