For this year BofA has cut its price forecast by 16.6% to $157 per tonne from $188 per tonne.

Iron ore will come under more pressure, falling to $80 to $90 a tonne heading into next year, said UBS Group.

Overall, the market appears to be more in evenly balanced than earlier in the year, when supply was disrupted and China’s steel production was hitting monthly records.

Iron ore’s rollercoaster ride this year is set to end with a whimper as the contraction in China’s steel industry heralds further declines.

Steel mills in Jiangsu have received instructions to reduce production as part of broader curbs on industrial activity aimed at lowering power usage.

Moscow is considering imposing a mineral extraction tax (MET) linked to global prices on producers of ferrous metals and fertilisers.

Analysts led by Andreas Bokkenheuser cut the company’s American depositary receipts to sell from buy, a two step drop.

The Ministry of Ecology and Environment said that it planned to involve 64 regions under key monitoring during winter air pollution campaign.