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China intervenes after new iron ore price drop

Last weekend the spot price for imported iron ore to the major Chinese port Tianjin reached the lowest level in 10 years, at just below USD 50 per ton.

Photo: Georg Hammerstein/POLFOTO/ARKIV

A significant price drop for iron ore is now causing China to lend a helping hand to several of the country's own producers. This is implemented through a halving of the production tax by about one US dollar per ton, writes the shipping newspaper Lloyd's List.

This step can be seen as a reaction to the global price war in iron ore which began in 2014, when the world's largest mining companies increased production to win back market shares in a market where prices were already under pressure.

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