Steel and iron ore boost losses in China targeting flexible supply cuts
By Manolo Serapio JrMANILA (Reuters) - Prices for steel and its raw materials, such as iron ore, widened declines in China on Wednesday, the second straight session ...
By Manolo Serapio JrMANILA (Reuters) - Prices of steel and its commodities, such as iron ore, widened declines in China on Wednesday, the second consecutive session of losses, touching lows in weeks as more investors liquidated risk positions over-supply as Beijing assesses the implementation of some flexibility in its cut-off determinations.China is considering allowing northern provinces to decide on individual production cuts by major industries to contain emissions over the winter, a source involved with the plan said on Tuesday.This would be opposed to an initial plan that required 50 percent cuts in steel production and 30 percent in primary aluminum in some areas, similar to last year's.Shanghai's most widely traded steel rebar contract for January closed down 2.7 percent to RMB 4,050 ($ 589) a ton after falling to RMB 3,993 earlier, the lowest since August 6th.Dalian iron ore futures fell 0.7 percent to 492 yuan, ...
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