High-grade iron ore out of favor in China on expectations of lower consumption

Mills in China are adjusting iron ore inventories for the second half of 2023 in anticipation of a drop in crude steel production and are likely to reduce their demand for high-grade iron ore, market sources told Fastmarkets this week.

Total crude steel production between January and April of 354 million tonnes was up by 4.1% from a year earlier, according to the China Iron and Steel Association.

Although...