The price of iron drops in light of Chinese restrictions on production

Iron ore prices dropped, while the largest steel association in China confirmed that it was applied to production restrictions, and the long -awaited interest rate cuts by the Chinese bank could not bring about a sustainable sense of morale in the market. Future contracts fell 1.5%, reducing the profits achieved by iron prices on Wednesday, when the Chinese bank of the Chinese People announced to lower monetary policy, which included the price of the opposite purchase for seven days. This transformation came at a time when the impact of customs duties and production rash rejected the impact of government support procedures. The Chinese Iron and Steel Association said this week that the government “implemented and improved its authority to produce raw steel. Ben, director of the Department of Planning and Development Division of the Chinese Iron and Steel Society, at a recent press conference. stayed. The offer in the iron ore market is expected to rise by the end of the year, with the start of the Semano mine in Guinea. The future iron crude contracts in Singapore fell 1.4% to reach 96.90 dollars per ton at 12:35 p.m. local time. Future -speaking futures in the Dalian stock exchange also fell 1.5%. Steel contracts in Shanghai also fell.