Iron ore price plunges on China’s move to cut steel production

Protesters met with authorities but no agreements were reached, so rallies are set to continue.

The city of Jerada has seen four days of massive protests.

Ninth gain puts red metal on longest winning streak since 2004.

Production should be halted for at least a week.

Beijing also imported no iron ore, coal or lead from North Korea in November.

Gold demand across major centres in Asia were subdued ahead of the holiday weekend as a modest rebound in prices weighed on investor appetite.

The most active rebar on the Shanghai Futures Exchange climbed 2.6 percent a tonne by the close, posting its biggest daily gain in more than two months.

A new joint venture has been born.

With some vessels waiting to load coal and iron ore outside Australian ports for over a month, key charter rates jumped to highest in more than three years.