Russell: Iron ore and China steel output aren’t sticking to the script

A gas explosion ripped through the colliery in the northern Ningxia Hui Autonomous Region.

Coking coal/iron ore ratio at 16-year low.

Cranking up production is actually the opposite of what Beijing wants to do for Chinese coal.

A large lead and zinc deposit, allegedly China's largest, has been discovered in northwest China's Xinjiang Uygur Autonomous Region, local authorities announced on Sunday.

"Some producers need to move material for cash flow purposes and we have seen some pretty aggressive selling in the past few weeks."

Asia-Pacific, Africa top tables with revenues of $20 billion and $16 billon annually.

Prices for the steel-making ingredient are down by 9.8% over a month ago and most of the massive projects expected to come on stream this year are not producing at full steam yet.

The world’s second largest miner says is now rather “cautiously optimistic” in relation to what China's effect on commodity prices has in store.

"China’s steel use will also reflect its maturing economic structure and consumerization."