Iron ore price retreats
Iron ore futures dropped on the 28th of April just one day after hitting record highs. This was as a result of China’s push to control carbon emissions and expectations of price controls. China implemented control measures in its steel sector with higher taxes imposed on exporters on a range of products as authorities ramp up efforts to cut one of the biggest carbon emitters. Starting from May 1, export tax rebates for some goods will be removed, and tariffs on some products raised. Import fees on pig iron, semi-finished, and scrap steel will also be dropped.
Source: https://www.mining.com/iron-ore-price-retreats-on-price-control-worries/
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