Commodities, Iron Ore, Steel Industry Iron Ore Price
Source: Reuters
BEIJING (Reuters) -Chinese regulators may take steps to curb surging iron ore prices, the state-owned Shanghai Securities Journal said on Friday, without providing details on any actions to be taken.
The report comes after China’s state planner said last week it had sought expert advice on how to deal with rising prices. Read Full Story
Commodities, Iron Ore, Steel Industry China, Evergrande, Iron Ore Price
By Krystal Chia | Bloomberg
Iron ore’s roller-coaster ride in 2021 shows no signs of easing, with prices ending an unprecedented slump to move sharply higher as investors monitor simmering debt troubles at China Evergrande Group.
The developer’s onshore property unit said it reached an agreement with yuan bondholders on an interest payment, offering some relief after fears over Evergrande’s financial stability sparked a global flight from risk. China’s central bank also boosted short-term cash into the financial system, helping steady commodity markets.
In Singapore, iron ore futures climbed more than 15%, surging back above $100 a ton from their lowest close in 16 months. Events around Evergrande spooked the market earlier in the week and the steelmaking material was already oversold, said Atilla Widnell, managing director of Navigate Commodities…Full Story
Commodities, Iron Ore, Steel Industry China, Iron Ore Price
Iron-ore, one of the hottest commodities in the early days of the raw materials rally, has now become the most volatile as bulls and bears joust over the trajectory of prices.
In a series of wild swings, the ore that fuels China’s vast steel industry surged to a record, collapsed into a bear market and then returned to a bull market in the space of about a month. Its gyrations in the past 30 days mark the mineral as the most volatile of the two dozen most traded commodities around the world.
Iron ore is being buffeted largely by confusion over how government policy will affect demand from steel mills in top consumer China.
China wants to cut steel production but control prices, and to reduce investment but maintain employment, said Tomas Gutierrez, an analyst at Kallanish Commodities Ltd. “As policy shifts to keep the desired balance between these goals, the outlook for steel will improve or worsen…Full Story
Coal, Commodities, Steel Industry China, China Coal Futures
Prices have rallied 34 per cent so far this year as miners struggle to meet robust demand from the nation’s economic rebound.
By Krystal Chia | Bloomberg
Prices have rallied 34% so far this year as miners struggle to meet robust demand from the nation’s economic rebound. Safety and environmental inspections, mining accidents and an unofficial ban on Australia coal has disrupted supply and tightened the market. A recent worsening in diplomatic relations with Australia has also given the raw material another boost.
Futures reversed a drop earlier Tuesday morning after authorities raised trading fees, typically a step that’s taken to cool markets. Trading fees for iron ore futures were also increased on Tuesday.
“The market has been unusually explosive,” said Huatai Futures Ltd. analyst Wang Haitao. Inspections in major coal-producing regions have been rife with corruption investigations in Inner Mongolia, overproduction probes in Shaanxi province, and environmental checks in Shanxi province. …Full Story
Commodities, Iron Ore, Steel Industry Australia, Iron Ore Exports Australia
By Esmarie Iann | Mining Weekly
New data by the Australian Bureau of Statistics (ABS) has reported a A$3-billion, or 9%, decline in exports for the month of January, driven by a A$1.5-billion, or 10%, decline in the export of metalliferous ores.
“The decline in metalliferous ores was driven by a decline in the quantity of iron-ore exported in January. Despite the decline, exports of metalliferous ores are the second highest on record behind December 2020,” said ABS head of international statistics Andrew Tomadini...Full Story
Commodities, Iron Ore, Steel Industry
BY: Tasneem Bulbulia | Mining Weekly
The surge in iron-ore price between the second and fourth quarter of 2020 has run its course, says Fitch Solutions Country Risk and Industry Research.
It notes that prices should grind lower during the first half of this year as supply improves and demand growth slows.
On the supply side, improving production growth from Brazil will help to loosen tight supply in the seaborne market, Fitch Solutions says…Full Story
Commodities, Iron Ore, Metal Prices, Steel Industry Australia, China
By Michael Heath | Bloomberg
As China-Australia relations descend into a morass of sanctions and mutual recriminations, Beijing is delivering a huge cash windfall to Canberra and Australia’s economy through its insatiable demand for iron ore.
China has few alternatives as it seeks to stimulate its economy post Covid-19 through infrastructure investment, with Australia accounting for more than half of iron ore shipments globally. If Beijing were to try to purchase solely from non-Australian producers, at best it could get 56% of the volumes it typically imports, according to analysis by Goldman Sachs Group Inc…Full Story
Commodities, Iron Ore, Steel Industry Iron Ore Price
For the key steelmaking ingredients of iron ore and coking coal, it was a tale of two different markets this week.
The price of iron ore punctured the $US120 per tonne ($164.70/tonne) barrier this week, its highest since early 2014 This was on account of a stronger market for steel in China which is targeting massive investment in its infrastructure.
For the 62 per cent grade iron ore fines product, spot prices were transacting around $US121.75 per tonne, according to Metal Bulletin.
A week ago, iron ore cargoes delivered to ports in China were trading around $US116.85 per tonne, the price reporting agency said…Full Story
Commodities, Iron Ore, Steel Industry
From BR Research | Business Recorder
Pakistan has one of the lowest consumptions of steel per capita at 35 kilograms, against 197 kilograms for Middle East, and 71 kilograms for India.
It compares favorably with Africa, which is even lower at 28 kilograms. Steel builds nations; this was the South Korean mantra, which catalyzed its growth. It is the primary raw material for infrastructure development, and industrialization.
Absence of an indigenous steel industry keeps an economy exposed to vagaries of exchange rate and price volatilities, while adversely affecting balance of payments situation. It further slows down infrastructure and industrial development, as any significant volatility in either commodity prices, or exchange rates often leads to significant cost over-runs…Full Story
Commodities, Iron Ore, Steel Industry China
By Min Zhang in Beijing and Emily Chow in Shanghai | Reuters
China’s iron ore imports in August fell 10.9% from a month earlier, easing from a record high in July on fewer shipments from big miners and port congestion, official customs data showed on Monday.
The world’s top iron ore consumer brought in 100.36 million tonnes of iron ore last month, according to data from the General Administration of Customs. That was down from 112.65 million tonnes in July and up 5.8% from the same period a year earlier.
“Iron ore imports in China were partly delayed last month due to coronavirus-related restrictions,” said Tang Binghua, analyst with Founder CIFCO Futures, noting that port congestion in China was heavy last month and slowed customs clearance.
Shipments from big miners in July also dipped after the end of the financial year in Australia, Tang added…Full Story