Iron ore price lowest in 11 months as China’s peak construction season disappoints

China has stepped up efforts to reduce output of the construction and manufacturing material in line with its carbon emission reduction goals.

A settlement would replace a giant lawsuit, removing a considerable legal overhang for Samarco and its shareholders.

Yet investors are clearly focused more on the outlook from Nucor Corp. and Cleveland-Cliffs Inc.

Cleveland-Cliffs reported record operating and financial metrics for the June quarter.

Iron ore price down 6% after Beijing tells steelmakers in some provinces to cut production with aims to keep Chinese annual output at 2020 levels.

Steel producers in China's Jiangsu, Fujian and Yunnan provinces were told to cut production as the country aims to keep its annual output no higher than it was in 2020.

BHP announced plans to train 200 new drivers.

The metal has been in a bull market for more than two years, and it’s not about to end soon, according to Goldman Sachs.

That estimate is nearly four times higher than an initial deal struck with mining companies in 2016.