Iron ore price: world steel production shrinking.

World Steel Association data on Wednesday showed a 2.8 percent decline in global steel output in October to 151.5 MT with production down across all regions. The 50-year old industry body estimates that crude steel production in China, which is responsible for more than half the global total declined 0.6 percent year on year in October. The decline came on the back of capacity cuts during the country's 70th anniversary celebrations.

China also places curbs on production during the winter months through March, but thanks to surging...