Aussie Iron Ore Miners Hit as Chinese Steel Production Wanes

Workers are seen on the top of an iron ore pile as a machine works on blending the iron ore, at Dalian Port, Liaoning Province, China on Sept. 21, 2018. Muyu Xu/Reuters

Australian iron ore companies saw their share prices dive on Wednesday in response to declining steel sector activity in China.

According to RBC analyst Kaan Peker, Chinese steelmakers have been reducing production for the last five weeks, partly due to the Chinese Communist Party’s (CCP) ban on Australian coal imports into the country, and the upcoming Chinese New Year period.