Iron ore price down as Beijing moves to cool coal prices

The macro picture may have brightened just a little after the weekend meeting of the U.S. and Chinese presidents, but signs the global economy is losing momentum, do not bode well for metals demand.

It’ll be an important week for iron ore, which has been badly beaten up in November.

China's biggest state-run aluminium producer has decided to make around 470,000 tonnes of annual output at units including Shanxi Huasheng and Shandong Huayu subject to "flexible" output arrangements.

As steel prices slid, Chinese mills ran up losses for the first time in three years this month, ending years of solid profit margins.

Fears over slowing Chinese growth and impact of trade war with the US removes floor under iron ore price.

China's steel prices tumbled more than 5% to a five-month low as persistent worries over weaker demand pushed the sector into a bear market, sparking a selloff in raw materials iron ore and coking coal.

The company is selling its 69%-stake in Rossing Uranium Limited, which owns the Namibian mine, to China National Uranium Corporation (CNUC).

According to Fitch Solutions, slightly higher prices and stronger company financial positions are encouraging greater mine investment.

Global iron ore production will grow due to mine expansions in Brazil and increasing output from India.