Chinese Iron Ore traders await G20 summit

China's Iron Ore traders are awaiting the G20 summit summit to study the impact on the market for Iron Ore as the government has come up with orders to shut down polluting Steel factories in surrounding areas and provinces. 


Iron Ore is a key ingredient in Steel and is a major source of profits for global mining houses. Iron Ore prices have rallied about 40 per cent this year which makes it one of the best performing commodities in the market. 


China is about to cut the Steel production capacity by 45 mt by the end of the year as some of the countries have accused it of overproducing cheap Steel.


According to analyst, Steel demand is expected to fall further in the fourth quarter as the economy weakens and the supply from the biggest producers shows little sign of slowing down.