China’s steel prices have fallen for four straight weeks, prompting iron ore to fall to about $80 a metric ton, China National Radio reported, citing Xu Xiangchun, an analyst at Mysteel Research Institute.

Earlier surges in steel prices had prompted steelmakers to increase production faster than the growth in demand, boosting stockpiles and causing prices to fall, the official broadcaster said. Prices have fallen to “reasonable levels” and may rise again after the market stabilizes, the report said.

Talks between China and the world’s three biggest iron-ore suppliers on setting a contract price for the raw material remain deadlocked even as the country reaches an agreement with Fortescue Metals Group Ltd., National Radio said.

Steel-price fluctuations are unlikely to affect iron-ore talks, the broadcaster said.

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