Chinese economic recovery helps Kumba to record profits

MONEYWEB
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Despite production setbacks due to Covid.
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It was the year of Covid, but also of China’s remarkable economic recovery.
The country brushed aside the effects of the pandemic in the second half of 2020 to record 6% growth in steel production over the previous year. Chinese infrastructure investment declined 20% in the first quarter of 2020, then swung back to register nearly 1% year-on-year growth.
This worked to Kumba Iron Ore’s advantage, pushing average realised prices for the year to $115 a ton.
The average price of iron ore fines delivered into Chinese ports ended 2020 17% higher than the previous year due to surging demand, helped by government stimulus packages to revive the economyand supply disruptions in key supplier economies, notably Brazil, SA, Canada, Chile and Peru.

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