AGO 0.00% 4.5¢ atlas iron limited

CHINESE MINES STOP PRODUCTION

  1. 413 Posts.
    LOOKS LIKE THE PRICE IS STARTING TO REALLY BITE!!!

    Bloomberg reported that a state owned iron ore miner in China’s northern province of Hebei will halt production at several sites as the global surplus of the steelmaking material expands.

    The planned stoppage was reported on January 22 by researcher Mysteel.com in a text message sent to clients and seen by Bloomberg News. The message didn’t name the company.

    Mysteel said that “The output pause for as long as 45 days around the Chinese New Year holidays in mid-February will reduce the miner’s annual production by about 150,000 tonne or 7%. That would make it the biggest closure by capacity at a state owned mining company in a year.”

    Mines in China have been among the most affected with 89 now shuttered, according to a weekly survey of 266 mines conducted by Mysteel, 4 of them in the past week.

    According to Chinese customs data, Iron ore tumbled 47% last year amid increased production from the big three producers and Perth-based Fortescue Metals Group Ltd. Australia and Brazil accounted for 77% of China’s imports last year, up from 70% in 2013.

    Source - Bloomberg

    http://www.steelguru.com/internatio...o_halt_operations_on_glut_Mysteel/356279.html
 
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