China sends global commodity prices down; Australian iron ore exports hit hard
Industrial commodity prices extended sharp losses on Monday both in China and abroad, after officials in China, the world’s factory floor and largest consumer of raw materials, intensified a top-down campaign to rein in runaway prices that have already exerted pressure on factories and businesses and further threaten to derail China’s hard-fought economic recovery from the COVID-19 pandemic.
The latest effort by Chinese officials to further step up the crackdown on what they call excessive speculation in the commodity markets came after repeated warnings and actions by local governments and industry bodies over the past several weeks failed to bring prices down to a “reasonable” range, and risks posed by the soaring prices for the Chinese economy continue to emerge, analysts noted. In a rare step, five Chinese agencies on Sunday warned leading companies not to engage in price gouging.
China sends global commodity prices down; Australian iron ore exports hit hard
Wang Cong and Yin Yeping Published: May 24, 2021 11:17 PM
Aerial photo shows the container dock of Shanghai s Yangshan Port, east China.(Photo: Xinhua)
Industrial commodity prices extended sharp losses on Monday both in China and abroad, after officials in China, the world s factory floor and largest consumer of raw materials, intensified a top-down campaign to rein in runaway prices that have already exerted pressure on factories and businesses and further threaten to derail China s hard-fought economic recovery from the COVID-19 pandemic.
The latest effort by Chinese officials to further step up the crackdown on what they call excessive speculation in the commodity markets came after repeated warnings and actions by local governments and industry bodies over the past several weeks failed to bring prices down to a reasonable range, and risks posed by the soaring prices for the Chinese economy con
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.
Steel price may set record high as demand surges
As production picks up after the Spring Festival holidays, Chinese factories are confronting soaring steel prices, with some key items such as rebar jumping 6.62 percent from the last trading day before the Spring Festival to the fourth working day after the holiday, according to an industry research group.
Experts said that China’s ongoing work resumption could drive steel prices above record highs this year, the beginning of the country’s 14th Five-Year Plan (2021-25).
Domestic iron ore futures hit a life-of-contract high of 1,180 yuan ($182) per ton on Monday, with coking, scrap steel and other raw materials prices also rising, according to Beijing Lange Steel Information Research Center. Although iron ore fell 2.94 percent on Tuesday to 1,107 yuan, it remained at an above-average level.
SOURCE / ECONOMY By GT staff reporters Published: Feb 23, 2021 08:33 PM
Staff in a factory in Wuxi, East China s Jiangsu Province prepare carbon steel products for shipment. Companies in the city are still busy as China s New Year approaches. China also encouraged people to stay put over the holidays to reduce the risk of infections during the travel rush. Photo: cnsphoto
As production picks up after the Spring Festival holidays, Chinese factories are confronting soaring steel prices, with some key items such as rebar jumping 6.62 percent from the last trading day before the Spring Festival to the fourth working day after the holiday, according to an industry research group.