Iron ore price hits 3-week low on firmer supply, softer steel outlook
China unveiled tax incentives on home and land transactions on Wednesday, aiming to support its crisis-hit property market.
BHP Group, the world’s biggest miner, on Wednesday cut its annual iron ore production forecast on disruptions caused by a tropical cyclone which pushed its quarterly output of the steel-making material 5 percent lower.
The Anglo-Australian miner lowered projections for its fiscal 2019 iron ore production to 265 million-270 million tonnes, from 273 million-283 million tonnes.
Iron ore output came in at 64 million tonnes for the three months ended March 31, compared with 67 million tonnes a year ago. That was below an average of estimates by Goldman Sachs and UBS of 65.8 million tonnes.
(By Aditya Soni and Nikhil Kurian Nainan; Editing by Leslie Adler)
