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The spot price of benchmark 62% iron ore delivered to North China , as assessed by price reporting agency Argus, has since retreated back below $160 a tonne. But the price has been above $150 for almost two months, which is a strong performance considering that the steel-making ingredient held below $100 for the five years between May 2014 and May 2019. While China’s record steel output has played its role, global iron ore supply has also been hit by a series of issues in second-largest exporter Brazil, which has suffered disruptions from the coronavirus pandemic, mine closures on safety g...

China's steel demand will increase slightly in 2021, supported by stable macroeconomic policies, the steel association said on Wednesday, even as the government has urged companies to produce less steel this year. Economic policies that China adopted to cope with the COVID-19 pandemic will shore up China's steel demand, Qu Xiuli, vice chairwoman of the China Iron and Steel Association (CISA) said at a news conference. Citing a desire to reduce carbon emissions, the industry ministry had asked China's mammoth steel sector to produce less crude steel in 2021 than the record 1.05...

China Steel Group Executive Expects Decline in Iron Ore Price Bloomberg 12/19/2020 Bloomberg News (Bloomberg) -- The recent speculation-driven surge in the value of iron ore is unsustainable and the trend will be reversed when the market settles, a senior executive at China’s top industry body said. Popular Searches “Iron ore prices will be in a downward trend as the market digests and materializes price speculation,” Luo Tiejun, a vice chairman of China Iron and Steel Association, said at Mysteel Global’s annual conference in Shanghai on Saturday, according to a tra...

Rio Tinto willing to help improve iron ore pricing system -China steel body Miner Rio Tinto RIO.AX is willing to work with iron ore consumers to review the pricing mechanism for the steelmaking ingredient, the China Iron & Steel Association (CISA) said, as near-record high prices squeeze margins at Chinese mills. CISA recently called on regulators in China, the world’s top iron ore consumer, to investigate a spike in prices on the Dalian Commodity Exchange DCIOcv1, saying there were signs speculators had piled in. In a video call with Rio Tinto on Tuesday, CISA vice chairman Luo Tiejun desc...

Schadenfreude as Chinese steel mills ask for help from Rio and BHP We’re sorry, this service is currently unavailable. Please try again later. Dismiss Opinion December 17, 2020 — 10.55am December 17, 2020 — 10.55am Save Normal text size Advertisement There would be an element of schadenfreude within BHP as China’s steel mills send signals of distress in response to the soaring price of iron ore. BHP is the world’s biggest seaborne metallurgical coal producer but China’s so-far-unofficial ban on Australian coal has left Australian coal carriers stranded in Chinaâ...