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
Reuters
China may be running out of retaliatory steps that it can afford to take against Australia after cutting off communications on economic affairs with its key commodity supplier this month.
On May 6, China s top planning agency announced that it had suspended all contacts under its bilateral Strategic Economic Dialogue with Australia indefinitely. Recently, some Australian Commonwealth Government officials launched a series of measures to disrupt the normal exchanges and cooperation between China and Australia out of Cold War mindset and ideological discrimination, the National Development and Reform Commission (NDRC) said in a statement.
China s Ministry of Commerce adviser Mei Xinyu blamed the cutoff on the wildness of Australian politicians, while Foreign Ministry spokesman Wang Wenbin cited an insane suppression targeting China-Australia cooperation, the
Ferrous metals prices plummet as China moves to stabilize market
Wang Bozun Published: May 20, 2021 10:03 PM
Workers at a steel processing enterprise lift processed steel coils at the Jingjiang Industrial Park in Taizhou, East China s Jiangsu Province on February 24. Due to strong demand at home and abroad, the production site is busy, and the company is sprinting to achieve its February operations target. Photo: cnsphotoThe prices of ferrous metals, including iron ore and deformed steel bar, slumped on Thursday after Chinese regulators took steps to rein in rapid price hikes.
Ferrous metals futures prices saw a continuous decrease over the past two days. The price of iron ore dropped as much as 8.4 percent on Thursday, while that of coke was down as much as 7.2 percent.
Experts: Steel price rises a short-term worry, fears over shortages unfounded By LIU ZHIHUA | China Daily | Updated: 2021-05-12 08:22 Share Employees work at a steel plant in Qian an, Hebei province. [Photo/Xinhua]
Apprehensions about a steel shortage in China are unfounded and the recent price increases have largely been a result of short-term market-related factors, experts said. There is no shortage of supplies. The price surge is not an exact reflection of the current supply and demand situation, said Wang Jing, an analyst with the Lange Steel Information Research Center.
On Monday, steel product prices, tracked by the center, rose by 6,510 yuan ($1,013) per metric ton on average, an intraday increase of 6.9 percent. That was higher than the historic high seen in 2008, said experts. Prices of Grade-3 rebar rose by 389 yuan per ton, while hot-rolled coil prices rose by 369 yuan per ton. The main futures for iron ore, hot
Iron Ore Price Soars as China-Australia Trade Uncertainties Linger
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As inflation rises, market demand for steel will edge down.
China s iron ore prices have hit record highs, driven by a surge in steel demand as well as speculation on fluctuations in the Chinese-Australian iron ore trade, industry experts told the Global Times. They also warned of a possible price plunge with market liquidity tightening and rising inflation levels.
On Monday, the most active iron ore contract for September 2021 delivery gained 10 percent to close at a record high of 1,326 yuan ($206.2) per ton, according to data released by the Dalian Commodity Exchange. The contracts for February 2022 and March 2022 rose by 9.98 and 9.96 percent respectively.