- Write by:
-
Wednesday, December 30, 2020 - 12:06:53 PM
-
783 Visit
-
Print
Mining News Pro - The total volume of iron ore dispatched to global destinations from Australia and Brazil was 29.7 million tonnes from December 21-27, the highest since June 2019, according to a survey from Mysteel.
Over the survey period, iron ore shipments from ten Australian ports bound for global destinations hit 21.7 million tonnes, and the tonnage shipped from Brazil’s nine ports reached 8 million tonnes.
Iron ore outperformed all commodities in 2020, more than doubling to record highs on strong Chinese steel demand.
As the world’s largest producer of steel at 1.1 billion tonnes in 2020, China imports 60% of its iron ore from Australia. Bilateral relations between the two countries soured earlier this year after Australia supported a growing call for an international inquiry into China’s handling of the coronavirus pandemic. The ongoing tensions have not had a big impact on the iron ore trade so far.
Australia’s government said it foresees China’s pull on Australian iron ore exports remaining strong in the next few years.
“Mining exports are expected to fall by 0.5% in 2020-2021 and grow by 5% in 2021-2022,” it said in its mid-year economic report.
Rally
Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm.
The most active iron ore futures on the Dalian Commodity Exchange have gained 37.8% this quarter and 21.5% in December alone.
Some market analysts, however, expect prices to moderate over the next two years.
S&P Global Ratings said in a report on Vale it expects iron ore prices to average $85 per tonne in 2021, and $70 per tonne in 2022.
Commonwealth Bank of Australia said in a report that iron ore prices could slip below $100 per tonne next year.
Short Link:
https://www.miningnews.ir/En/News/609876
Iron ore futures prices drifted higher on Thursday as the latest soft data from top consumer China triggered renewed ...
Vitol Group confirmed that it’s starting to rebuild a trading book for metals after a long stint out of the market, with ...
Rio Tinto said on Wednesday it is teaming up with a global venture studio and start-up investor to back the development ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Australian space exploration company Fleet Space Technologies has successfully deployed its next-generation Centauri-6 ...
Chinese coal prices are likely to keep falling until the start of the peak summer season, suppressing imports of the ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Iron ore reversed direction after dropping to its lowest level in 10 months as optimism that the country’s economic ...
Nippon Steel intends to pursue its proposed acquisition of US Steel and wants its “deep roots” in the United States to ...
No comments have been posted yet ...