dalian iron ore futures decline

Dalian iron ore futures dive 10% on Tangshan anti-pollution restrictions

Dalian iron ore futures tumbled to reach the 10% daily limit on Tuesday, driven by the anti-pollution curbs in Tangshan, the top steelmaking city located within the northern Chinese province of Hebei.

Iron ore on the Dalian Commodity Exchange for May delivery declined to 1,031 yuan, the lowest price since Feb. 9, before closing the daytime trading at 1,031.50 yuan ($157.98) a tonne.

SGX iron ore drops 7%

Iron ore’s front-month contract on the Singapore Exchange declined by 7% to reach $155.65 a tonne, the weakest price since Feb. 9. Meanwhile, stainless steel dropped 2.7%.

Pollution alert in Tangshan

The smog-prone city is the top producer of steel, accounting for nearly 25% of steel output. The city is reported to have issued four emergency response measures to address heavy pollution after the Lunar New Year holidays.

Written By Jonathan Norris
Jonathan is a founder of Mining.com.au and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.