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Iron ore prices fell sharply for the second day in a row on Thursday. The price for the rock is under pressure after China pledged to cut steel production and consumption.


Since the peak in May, iron ore has been worth 40 percent less.

China has been urging steel mills all year to cut production to reduce pollution. The message seems to be getting through, given the drop in production in July. Some large producers have already made agreements to reduce the supply.

The slump in iron ore price is also spilling over to steel, where prices have fallen on expectations of slowing Chinese demand.

The country’s measures to rein in the property market and curb rapidly rising prices also had an effect. House prices rose at the slowest pace in six months.

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