The concept will be revised and will not be introduced at least until 2023.

Chinese authorities asked local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, according to the Wall Street Journal.

In the coming days, the company will file withdrawals and waivers for 15 remaining mining prospects.

For this year BofA has cut its price forecast by 16.6% to $157 per tonne from $188 per tonne.

Iron ore will come under more pressure, falling to $80 to $90 a tonne heading into next year, said UBS Group.

Overall, the market appears to be more in evenly balanced than earlier in the year, when supply was disrupted and China’s steel production was hitting monthly records.

Iron ore’s rollercoaster ride this year is set to end with a whimper as the contraction in China’s steel industry heralds further declines.