Iron ore prices plunge 13% as Beijing cranks up overheating controls

Economy 02/18/22, 22:19

As Beijing cranked up measures to tamper overheating prices, iron ore values in Singapore fell 13% in mid-February. BloombergQuint reported that on Feb. 15, by 4:16 p.m. local time, futures on the Singapore Exchange slumped 8.8% at $134.05 a ton. Likewise, China's Dalian Commodity Exchange prices dropped to their daily ...

Steel industry: Beijing’s consolidation push is not simple as claimed

Economy 02/17/22, 04:34

Beijing, on Feb. 7, released a "Guiding Opinion" that urged steel firms to accelerate mergers and acquisitions (M&A) to form mega steel conglomerates.  Three state departments issued the statement. They were the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, and the National Development and Reform Commission. Within ...

Global freight rates drop 90% due to Winter Olympics: Expert

Economy 02/12/22, 04:52

At the end of January, Capesize spot prices fell to $5,826 per day, the lowest in 20 months and well below the 12-year record high of $80,000 per day in October 2021. Bulk carriers mainly carry iron ore, coal, grain, and cereals. Jun Huang, an economist now living in the U.S., ...

China’s 2022 steel production expected to fall under Beijing’s curbs

Economy 01/22/22, 15:48

CITIC Securities analysts on Jan. 20 stated that “Steel production (curbs) this year could be relaxed pending market conditions, but overall output is still expected to drop amid government controls.” According to Reuters, Chinese authorities have ordered steel factories around Beijing to reduce production until mid-March 2022 for the Winter Olympics. Last ...

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