SOURCE / ECONOMY
By Global Times Published: May 07, 2021 02:30 PM
Cranes unload imported iron ore at the Lianyungang Port in East China’s Jiangsu Province on Sunday. In September, the port’s iron ore throughput exceeded 6.5 million tons, a new high for the year, making it a major port for iron ore imports in China. Photo: VCG
China s iron ore imports remained strong from January to April with import volumes increasing by 6.7 percent, bolstered by resilient demand after the resumption of production, pushing up the price significantly (58.8 percent) to 1,009.7 yuan ($156.3) per ton, remaining at a high level. Meanwhile, the average price for imported iron ore in April alone reached $164.4, the highest since November 2011, data with Beijing Lange Steel Information Research Center shows.
Surging commodity prices put pressure on Chinese manufacturing firms
Surges in bulk commodity prices are putting pressure on China’s manufacturing sector, pushing authorities and industry participants to seek plans to stabilize the market to fend off potential disruptions and risks.
The price of staple commodities such as copper, aluminum, steel and other manufacturing raw materials have jumped significantly this year, with futures prices increasing over 50 percent compared to the same period last year and spot prices also seeing double-digit growth.
Specifically, steel prices have been repeatedly setting new highs during the same period, according to the China Iron and Steel Association.
Surges in bulk commodity prices are putting pressure on China s manufacturing sector, pushing authorities and industry participants to seek plans to stabilize the market to fend off potential disruptions and risks.
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China diversifies iron ore sources amid strained ties with Australia
Chinese companies are diversifying their exploitation of iron ore in Africa at a record pace amid soaring prices and strained relations with Australia, which experts said signals that China is reducing reliance on “unfriendly” Australia for this key resource.
They urged Australia to correct its mistakes and steer the worst-ever relationship with China back to normal for its own long-term benefit.
A consortium of three Chinese companies signed a memorandum of understanding with Algerian National Iron and Steel Co on March 30 to exploit iron ore in the North African country, the Xinhua News Agency reported.