Chinese iron ore mines face closure as prices drop
about 2 hours ago | 1:25pm | PETER CAI
As many as 90 per cent of iron ore mines in China’s Shandong province have production costs higher than the current market price for iron ore, sparking fear of wides-spread closures as iron ore prices hover around $70 reports the China Business News.
According to the paper, the price of domestically produced iron ore has dropped 26 per cent since November from RMB 914 a tonne to RMB 669 per tonne.
Chinese iron ore miners have complained about the industry’s heavy tax burden as the industry faces further downward pressure.
Chinese iron ore mines face closure as prices drop about 2 hours...
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