Iron ore price falls as property crisis threatens to drag down steel industry
Almost a third of China’s steel mills could go into bankruptcy in a squeeze that’s likely to last five years, said the chairman of Hebei Jingye Steel Group.
Company estimates that only in 9 years it should reach a production scale between 22-24 million tonnes of iron ore per year, the same level as before the failure of the Fundão dam.
Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity for a second straight year.