China panicked when it lacked iron ore as a weapon, Australia gave the CCP a direct slap
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Iron ore prices in China rose 10% on supply concerns
Iron ore contracts on China's Dalian Commodity Exchange rose nearly 10% to a record on Friday (December 11), exceeding 1,000 yuan / ton ($ 152.95 / ton) times. first in history.
Analysts are concerned that iron ore supplies decline, steel demand increases and the possibility of a short-term disruption due to the storm in Australia.
Lower estimates of supplies from Vale - the world's second-largest iron ore producer - add to that worry. Brazilian mining company recently lowered its production forecast for 2020 and forecast for 2021. Meanwhile, exports from Brazil to the rest of the world fell to their lowest level in six months.
Erik Hedborg, Senior Analyst at commodities company CRU, told CNBC on Friday that strong economic efficiency coupled with China's infrastructure spending package drove demand, while driving demand. push demand. inventories were at low levels and market conditions were tight. At the same time, supplies traded by sea from iron ore suppliers Australia and Brazil also decreased.
According to the World Steel Association (WSA), Australia accounts for 58% of the world's seaborne iron ore supply in 2019, mainly exported to China. Brazil accounts for 23%.
“There is currently a tropical storm approaching the iron ore shipping area, and two of the largest seaports in Australia are currently closed. These two ports account for more than 505 iron ore supplies in the world, ”added Hedborg.
Along with the trade war between Australia and China, Australia has stopped selling iron ore to China. Therefore, iron ore prices are pushed up, the Chinese side is afraid that there is no iron left for construction, shipbuilding and weapons.
Hedborg said strong demand from China coupled with low inventories are causing widespread concern for Chinese steelmakers. Meanwhile, overseas supply will also decline further over a period of time.
Iron ore is the raw material used to make steel - a metal used in the construction of tall buildings and public transport systems.
“Production from Brazil could drop more sharply than forecast and this will continue until 2021. In addition, we also see problems with the restart of iron ore mines in Brazil, and Vale will operate. . with reduced capacity next year, ”he said.
While Australia's weather volatility may be short-term, Hedborg said Q1 is often susceptible to weather disruptions from events like tropical storms.
On December 11, a group of steelmakers in China called on securities and market regulators to investigate the iron ore price hike, accusing iron ore prices "deviating from factors. basic supply and demand ”.
Видео China panicked when it lacked iron ore as a weapon, Australia gave the CCP a direct slap канала World News
IMPORTANT!
-None of these images, music & video clips were created/owned by us. -This video is purely fan-made, if you (owners) have seen your content and want to remove this video, please message us privately or mail us
truelove120489468990@gmail.com
before doing anything. We will respectfully remove it immediately.
-COPYRIGHT DISCLAIMER UNDER SECTION 107 OF THE COPYRIGHT ACT 1976
- Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational, or personal use tips the balance in favor of fair use.
Iron ore prices in China rose 10% on supply concerns
Iron ore contracts on China's Dalian Commodity Exchange rose nearly 10% to a record on Friday (December 11), exceeding 1,000 yuan / ton ($ 152.95 / ton) times. first in history.
Analysts are concerned that iron ore supplies decline, steel demand increases and the possibility of a short-term disruption due to the storm in Australia.
Lower estimates of supplies from Vale - the world's second-largest iron ore producer - add to that worry. Brazilian mining company recently lowered its production forecast for 2020 and forecast for 2021. Meanwhile, exports from Brazil to the rest of the world fell to their lowest level in six months.
Erik Hedborg, Senior Analyst at commodities company CRU, told CNBC on Friday that strong economic efficiency coupled with China's infrastructure spending package drove demand, while driving demand. push demand. inventories were at low levels and market conditions were tight. At the same time, supplies traded by sea from iron ore suppliers Australia and Brazil also decreased.
According to the World Steel Association (WSA), Australia accounts for 58% of the world's seaborne iron ore supply in 2019, mainly exported to China. Brazil accounts for 23%.
“There is currently a tropical storm approaching the iron ore shipping area, and two of the largest seaports in Australia are currently closed. These two ports account for more than 505 iron ore supplies in the world, ”added Hedborg.
Along with the trade war between Australia and China, Australia has stopped selling iron ore to China. Therefore, iron ore prices are pushed up, the Chinese side is afraid that there is no iron left for construction, shipbuilding and weapons.
Hedborg said strong demand from China coupled with low inventories are causing widespread concern for Chinese steelmakers. Meanwhile, overseas supply will also decline further over a period of time.
Iron ore is the raw material used to make steel - a metal used in the construction of tall buildings and public transport systems.
“Production from Brazil could drop more sharply than forecast and this will continue until 2021. In addition, we also see problems with the restart of iron ore mines in Brazil, and Vale will operate. . with reduced capacity next year, ”he said.
While Australia's weather volatility may be short-term, Hedborg said Q1 is often susceptible to weather disruptions from events like tropical storms.
On December 11, a group of steelmakers in China called on securities and market regulators to investigate the iron ore price hike, accusing iron ore prices "deviating from factors. basic supply and demand ”.
Видео China panicked when it lacked iron ore as a weapon, Australia gave the CCP a direct slap канала World News
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