BHP - Iron ore's selloff accelerates with China futures giving up all YTD gains

Global miners are dropping as iron ore prices slump to their lowest since April on signs that China will step up production curbs at steel mills. In pre-market action, RIO -4.2%, BHP -1.7%, VALE -1.3%. Also on watch: OTCPK:GLCNF, OTCPK:GLNCY, OTCQX:AAUKF, OTCQX:NGLOY, OTCQX:FSUMF The most active iron ore futures on the Dalian Commodity Exchange sank as much as 5.6% to 999 yuan/metric ton ($154.54) before closing -4.8% to 1,007 yuan/mt, the lowest since April 12. High iron ore prices are not seen to be supported under the current strict implementations of steel production control, Huatai Futures analysts say, according to Reuters. Most-active iron ore entered the year at close to 1,000 yuan and they topped 1,350 yuan as recently as May, but its July price plunge was its worst month since early 2020.

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Iron ore's selloff accelerates with China futures giving up all YTD gains