China plans to cut steel production to tackle oversupply, impacting global iron ore prices.

China plans to cut crude steel production, its first reduction in recent years, to address oversupply and dumping issues. This move is expected to impact iron ore demand and prices globally, potentially boosting profit margins for steel producers. The global steel market is still projected to grow, driven by infrastructure investments and technological advancements. However, challenges like raw material price volatility and supply chain disruptions remain.