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China’s steel industry is blaming the concentrated ownership of Australia’s iron ore mines for the soaring ore price and is calling for Chinese government intervention. ‘We believe that the supply side is highly concentrated and the market mechanism is not working, so we call for the authorities to play a bigger role in the event of market failure,’ Luo Tiejun, vice president of the China Iron and Steel Association, told an industry conference last week. The reality is that the market is working well and that the Chinese authorities have much less power to influence it than Luo might ...

Steel companies post higher Q1 earnings By LIU ZHIHUA | China Daily | Updated: 2021-04-28 09:06 Share CLOSE Employees work on the production line of a steel plant in Ma'anshan, Anhui province. [Photo by LUO JISHENG/FOR CHINA DAILY] Steel enterprises in China posted a better performance during the first three months of the year, with total profit rising 247.44 percent on a yearly basis to 73.4 billion yuan ($11.32 billion), data from the China Iron and Steel Association showed on Tuesday. "The steel industry saw sustained growth in ent...

SOURCE / ECONOMY By Yin Yeping Published: Apr 27, 2021 09:28 PM Cranes load iron ore at a port in Nantong, East China's Jiangsu Province. File photo: VCG The Chinese government is paying close attention to soaring iron ore prices and is studying measures to expand supplies to curb prices, a Chinese steel industry insider said on Tuesday, in a move that could affect Australia's massive iron ore exports. "We believe that the supply side is highly concentrated and the market mechanism is not working, so we call for the authorities to play a bigger role in the event of market failure," Luo Tie...

Iron ore rises to record amid surging steel demand Share The price of iron ore rose to $US193.85 a tonne on Tuesday, according to an index compiled by S&P Global Platts, resetting its record high. “What we are witnessing is the continuation of a demand-driven trend that began exactly a year ago, when China saw a fast rebound in economic activity following its rapid exit from lockdown, which was immediately matched by a sudden spike in steel prices,” S&P Global Platts said. The previous record of $US193 a tonne, as per S&P Global Platts data, was set on February 15, 2011 and matched the ne...

China’s steel industry faces three major challenges in production for 25 consecutive years In 2020, under the influence of special factors such as the epidemic, China’s crude steel production exceeded the 1 billion ton mark for the first time, and its share of world steel production rose to 57%. While this unconventional high-speed growth has allowed the profits of steel companies to rise, it has also triggered some cold thinking in the industry. On the 20th, the ‘2021 (12th) China Iron and Steel Development Forum was held in Beijing. Many industry experts said here that it is necessary...