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Iron ore price rebounds as China steel output hits all-time high
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Iron ore prices climbed back on Monday as China’s steel output hit a record high despite the government’s pledge to curb annual production to reduce pollution and increase costs from raw materials.
Crude steel output in April rose to 97.9 million tonnes to hit monthly and daily run-rate records.
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The robust pace of production also lifted the year-to-date tally to 375 million tonnes, a 16% jump compared to same period last year. This comes as iron ore stockpiles at Chinese ports declined for the third week, indicating strength in demand.
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From:ChinaDaily | 2021-05-11 10:12
Domestic brands growing in favor among consumers
China s textile and apparel companies are set to embrace new growth opportunities as domestic consumers increasingly favor homegrown brands, said industry experts.
They said Chinese enterprises are poised to do well in part because of their relatively high production efficiency and manufacturing skills, and it s time for the country to move on to the next step in upgrading industries and developing strong homegrown brands capable of competing on the global stage.
The comments came amid claims by major global retail giants including H&M and Nike that they have chosen to not source cotton from the Xinjiang Uygur autonomous region due to alleged uses of forced labor －claims that have provoked outrage among the Chinese people.
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