90 per cent of iron ore mines in 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.
Source: Business Spectator
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