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Iron Ore Price Soars as China-Australia Trade Uncertainties Linger
CHINA STRINGER NETWORK
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Sputnik International
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.
Iron ore export volumes unlikely to increase in 2021, keeping prices bullish: Platts Analytics
Iron ore exports from Australia and Brazil are always lower in the January-March quarter due to weather factors, but they were particularly weak in 2021 and that tepid performance was compounded by a further decline in April.
Australia’s Fortescue Metals Group shipped the same volume in calendar Q1 as it did a year ago, while BHP’s exports were the weakest for two years and Rio Tinto’s were the lowest in a year.
Brazilian Vale’s iron ore and pellet exports fell 25 million mt in calendar Q1 from the December quarter due to operational issues and maintenance at its S11D mine, according to company reports.