China's Baosteel says current low iron ore prices a "new status quo"
DALIAN, China, Sept 25 (Reuters) - The current low prices of iron ore are the "new status quo" and are "rational" for the health of the industry, Dai Zhihao, president of Baoshan Iron & Steel Co Ltd, China's No. 2 steelmaker, told an industry conference on Thursday.
Iron ore prices have fallen nearly 41 percent this year amid a deep supply glut stoked by low-cost producers. The commodity dropped below $80 a tonne this week for the first time since September 2009. (Reporting by David Stanway; Writing by Manolo Serapio Jr.; Editing by Himani Sarkar)
© Thomson Reuters 2017 All rights reserved.