China Steel Association Warning Sinks Iron Ore Prices to 10-Month Low
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Iron ore prices fell to a 10-month low in April 2024, attributed to a warning from the China Iron and Steel Association about delayed steel demand recovery.
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Chinese steel mills were advised by the association to take proactive measures to balance iron ore supply and demand in the domestic market.
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Iron ore prices experienced significant declines followed by rapid recoveries in early April amidst holiday-affected trading.
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Prices dropped due to a call from China's steel industry association for producers to reduce production and high iron ore port inventories.
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The association emphasized the importance of steel mills aligning production with sales and business performance to facilitate smooth operation of the Chinese steel market.