About 40 percent of iron ore mines in China have suspended operations amid low prices of iron ore, as stated on September 27 by Liu Xiaoliang, executive deputy secretary general of the Metallurgical Mines Association of China, at a conference organized by the China Iron and Steel Association (CISA) in Beijing. Many Chinese miners have been closing down production as iron ore prices fall below their production costs.
Meanwhile, Zhang Changfu, vice chairman and secretary general of the CISA, predicted that in the coming two years iron ore prices will stand in the range of $90-110/mt.
On the same date, senior CISA officials indicated that they were negotiating with the Chinese government for a cut in the duty on iron ore imports.