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Iron ore slumps on subdued China demand outlook for second half
Fri, 30 Jul 2021 00:00:00 GMT
Iron ore futures in Asia fell on Thursday, pressured by the prospects of a slowdown in demand for the steelmaking ingredient in top buyer China, and despite tempered shipment expectations from its biggest producer, Rio Tinto. The most-traded iron ore for September delivery on Chinas Dalian Commodity Exchange slumped 2.5% to 1,105 yuan ($170.67) a tonne by midday break, extending losses into a third straight session. Iron ores most-active September contract on the Singapore Exchange shed

Chinas infrastructure steel demand seen soft in H2 amid lackluster ...
Fri, 30 Jul 2021 00:00:00 GMT
A modest outlook for Chinas fiscal spending in the second half of 2021 is expected to keep infrastructure steel demand over the period flat or lower from a year earlier, sources said. China has been making efforts to address hidden local debt risks associated with local governments, leading to curtailed fiscal spending in the infrastructure sector in the first half of 2021 than in the same period of 2020. With expected lackluster demand for infrastructure steel in the second half of 2021,

China to accelerate domestic iron ore exploration to secure domestic ...
Fri, 30 Jul 2021 00:00:00 GMT
China Iron and Steel Association (CISA) vowed on Thursday to accelerate development of domestic iron ore source and the construction of overseas iron mines invested by Chinese companies in order to secure the countrys iron and steel supply during the 14th Five-Year Plan 2021-25. Shen Bin, president of CISA, said that the organization will take a series of measures to ensure iron ore supply, including increasing self-supply rate of iron ore, and enlarge the number of Chinese companies

Iron ore stumbles as rising supply runs into China steel discipline
Tue, 27 Jul 2021 00:00:00 GMT
Iron ore prices have suffered their worst week for nearly 18 months amid signs that the two factors needed for a sustained correction may be coming into play Chinese steel producer discipline and a recovery in supply of ore. The main Chinese domestic iron ore benchmark, the Dalian Commodity Exchange contract DCIOcv1, dropped around 10% in the week to July 23, the worst weekly performance since February last year. The contract ended the week at 1,126 yuan ($173.77) a tonne, and has now slid

Iron ore futures snap five-day slump as China steel margins recover
Tue, 27 Jul 2021 00:00:00 GMT
Dalian and Singapore iron ore futures rebounded on Monday after a five-day slump, due to a recovery in steel margins in China, the worlds biggest buyer of the steelmaking ingredient. The most-traded September iron ore on Chinas Dalian Commodity Exchange DCIOcv1 ended daytime trading 0.9% higher at 1,136.50 yuan ($175.22) a tonne. Dalian iron ore marked its steepest weekly drop in 17 months on Friday due to worries about Chinas steel production caps. Iron ores most-active August contract

Dalian iron ore sees worst week in 17 months on China steel curbs
Sat, 24 Jul 2021 00:00:00 GMT
Dalian iron ore was set on Friday for its steepest weekly drop in 17 months, as Chinas intensified drive to lower steel output prompts mills to start cutting production to avoid sanctions. The steelmaking raw materials most-active September contract on Chinas Dalian Commodity Exchange was down 2% at 1,124 yuan ($173.60) a tonne by 0700 GMT, extending losses into a fifth session. It has fallen roughly 10% from last week, its biggest weekly drop since February last year, and is now off 17%

South Koreas POSCO posts record profit on strong steel demand ...
Fri, 23 Jul 2021 00:00:00 GMT
South Korean steelmaker POSCO posted its highest ever quarterly profit on Thursday, as strong industrial demand and surging steel prices boosted its revenue. The worlds sixth-biggest steelmaker by production as of 2020 unveiled a plan to raise its annual steel production capacity to more than 60 million tonnes by 2030, from 46 million tonnes as of 2020. It also lifted its 2021 revenue target to 37 trillion won from 32.8 trillion won as it expects tight supply to continue for the rest of

China aims to increase self-sufficiency on iron ore with technology
Fri, 23 Jul 2021 00:00:00 GMT
China depends heavily on iron ore imports, with around 80 percent of the supply currently coming from abroad. In light of this, a group of scientists has set the goal to increase self-sufficiency in iron ore. The main reason behind Chinas dependency on imported iron ore is that the countrys iron ore is relatively low-grade and expensive to process. Ever since 35-year-old Sun Yongsheng acquired a doctorate in mining science six years ago, he has dedicated his time to one thing highly

China to boost steel scrap usage by 23per cent in next five years
Thu, 08 Jul 2021 00:00:00 GMT
China plans to increase its use of steel scrap by 23per cent to 320 million tonnes by 2025 and to increase production of recycled nonferrous metals, in an effort to ensure supplies and to meet the countrys climate commitments. The worlds top metals consumer will boost its recycled nonferrous output to 20 million tonnes in the next five years from 14.5 million tonnes in 2020, the National Development and Reform Commission (NDRC) said on Wednesday. That includes targets of four million

Dalian iron ore futures jump as Tangshan mills resume production
Tue, 06 Jul 2021 00:00:00 GMT
Benchmark iron ore futures in China jumped more than 5% on Monday, fuelled by rising demand as mills in steel hub Tangshan resumed production after the countrys party centenary. Steel output at some producers was restricted due to the Communist Partys 100th anniversary and environmental-related policies, sending down utilisation rates of blast furnaces at 247 mills across China to 81.01% as of July 2 from a week earlier, according to Mysteel consultancy. As Tangshan resumed production,

China Unrivaled in Crude Steel Production
Tue, 06 Jul 2021 00:00:00 GMT
The World Steel Association recently announced that China Baowu Steel Group beat ArcelorMittal and became the worlds largest steel company last year, with a crude steel production volume of 115.29 million tons. The state-run Chinese company has acquired multiple Chinese steel companies for years. ArcelorMittal fell to the second place with 78.46 million tons. Last year, its crude steel production dropped from 97.31 million tons due to production setbacks attributable to COVID-19.

China resumes approvals of iron, steel capacity swaps in June
Mon, 05 Jul 2021 00:00:00 GMT
China has approved as of June 30 nine steel projects under its production capacity swap program since it resumed approvals based on tightened swap controls starting June 1. While some of the newly approved projects will lead to a net decline in their capacity, Chinas overall iron and steel capacity is expected to continue rising in 2021 and 2022, as previously approved projects will not be affected by the new measures, according to S&P Global Platts Analytics. China revised its

Number of Asia Pacific steel news reports: 12
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