- Write by:
-
Friday, May 14, 2021 - 14:11:39
-
449 Visit
-
Print
Mining News Pro - Iron-ore futures tumbled as China’s top steel-making hub ramped up efforts to control a dizzying surge in prices.
Futures in Dalian dropped the daily limit, while prices in Singapore extended a slump from a record $233.75 a ton on Wednesday amid concerns about the sustainability of the rally. In the latest move aimed at containing prices, the steel-making hub of Tangshan banned steelmakers from fabricating or spreading price-hike information. That follows comments from Chinese Premier Li Keqiang this week about the need to deal with surging commodity costs.
The local government of Tangshan vowed to punish violations including price manipulation, and steelmakers were told Friday that they may be suspended from doing business or have their licenses revoked if they break the law. The city, which accounts for 14% of China’s steel output, has been at the center of an industry overhaul as authorities implemented a slew of output restrictions to control emissions.
Iron ore futures in Singapore fell 8.7% to $192.55 a ton at 1:37 p.m. local time, heading for the first weekly decline in seven. Contracts in Dalian traded 5.6% lower, extending Thursday’s 9% decline.
“Prices have already reached a peak level from a medium- and long-term perspective,” Huatai Futures wrote in a note. “Demand for iron ore may soften when output restrictions are implemented under the environmental push.”
Separately, China said it will accelerate the transformation of the power, steel, non-ferrous metal and petrochemical industries to cut emissions, adding that it’s targeting seven provinces that saw increasing energy use in the first quarter.
Short Link:
https://www.miningnews.ir/En/News/613495
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Australia’s Fortescue on Wednesday logged a larger-than-expected decline in third-quarter iron ore shipments, following ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
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 ...
Australia’s Fortescue said on Monday it would form a joint venture with OCP Group to supply green hydrogen, ammonia and ...
Mining News Pro - The DRI manager of Hormozgan Steel Company's said: According to the plans made in line with 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 ...
No comments have been posted yet ...