Asia Pacific Steel Industry News.

Iron ore poised to hit $150 in 2024 on Chinese stimulus, analysts ...
Wed, 29 Nov 2023 00:00:00 GMT
Seaborne iron ore prices are set to climb to as much as $150 per ton in the first half of 2024, according to analysts who have lifted their estimates on expectations of increased demand in China after recent stimulus measures. The price outlook compares with earlier estimates of $130 per ton, and Mondays level of $135 per ton. It is, however, still far below the record $232.5 a ton reached in May 2021, according to data from consultancy Steelhome. Iron ore has rallied in recent weeks after


Iron ore falls over 2% as China continues to monitor prices
Wed, 29 Nov 2023 00:00:00 GMT
Dalian iron ore futures hit a one-week low on Tuesday as the Chinese government continued to monitor prices and intervene in the market to curb a price rally. The most-traded January iron ore on Chinas Dalian Commodity Exchange DCIOcv1 recorded its steepest decline in more than a month and fell 2.6% to 951 yuan ($132.96) per metric ton at closing. On the Singapore Exchange, the benchmark December iron ore SZZFZ3 was down 3.2% at $132.69 a ton. Borrowing a wrestling term, we are now


China takes aim at illegal activities in the iron ore market
Wed, 29 Nov 2023 00:00:00 GMT
The price of iron ore fell 1.2 per cent on Monday morning, to 104.67 ($132.20) per tonne, bringing to a halt five weeks of gains after Chinese officials warned the country may intervene in the market. The National Development and Reform Commission (NDRC) said on Friday it had met with major port operators to discuss iron ore inventory and storage. The NDRC has also cautioned against hype and illegal activities in the iron ore market. Beijing is looking to curb rising iron ore prices amid


Singapore iron ore eases after China intensifies intervention
Tue, 28 Nov 2023 00:00:00 GMT
Singapore iron ore futures retreated on Monday as caution mounted after the worlds top consumer issued warnings on enhancing supervision on the market, and as investors awaited details from the government on property-related stimulus. The benchmark December iron ore contract on the Singapore Exchange was down 0.64% at $133 a metric ton, as of 0705 GMT. The most-traded January iron ore contract on Chinas Dalian Commodity Exchange (DCE) ended daytime trading 0.36% higher at 980.5 yuan


China says boosts iron ore concentrate capacity to secure supplies
Tue, 28 Nov 2023 00:00:00 GMT
China has added 50 million metric tons of iron ore concentrate capacity from 2022, state media quoted an official at the industry association as saying on Monday, part of a plan to boost production of the key steelmaking ingredient. China, the worlds top steel manufacturer, needs to import 80% of its iron ore. It has pledged to increase domestic supply to 370 million tons by 2025 from 286 million tons in 2022. Luo Tiejun, vice chairman of the state-backed China Iron and Steel Association


Iron ore gains on Chinas property debt-rejig pain
Mon, 27 Nov 2023 00:00:00 GMT
If commodity prices are anything to go by, sentiment is improving in China. The benchmark December SZZFZ3 iron ore futures contract on the Singapore Exchange is up 10% this month at $133.45 a ton on hopes Beijing will kickstart the property sector. A warning from Chinese regulators for traders on Thursday not to hype up the key ingredient for steelmaking will do little to dampen the bullish mood. Anticipating spiking demand from the worlds second largest economy, Citi analysts on Tuesday


Chinas steel scrap supply set to rise in Q4, usage to increase
Mon, 27 Nov 2023 00:00:00 GMT
Chinas steel scrap supply in the fourth quarter of 2023 is expected to be higher than the third quarter, mostly led by a gradual bump up in run rates by steel recyclers and amid government calls for renovation of urban villages, analysts and sources said in the week to Nov. 24. Urban villages in China typically refer to projects built on rural lands falling in the purview of large cities. The latest government push comes in a bid to revive Chinas economic growth, which has been weighed


China to enhance iron ore supervision at ports in second intervention ...
Mon, 27 Nov 2023 00:00:00 GMT
Chinas state planner said on Friday it would strengthen the supervision of iron ore at ports and guard against hoarding and speculation in order to maintain an orderly market, its second move this week aimed at curbing a price rally. The National Development and Reform Commission (NDRC) said it had recently held a meeting with major ports, to understand portside iron ore inventory and storage fees at yards. The most-traded January iron ore contract on Chinas Dalian Commodity Exchange (DCE)


Iron ore eyes fifth weekly gain despite China intervention
Sat, 25 Nov 2023 00:00:00 GMT
Iron ore futures erased earlier losses and are set for their fifth weekly gain on Friday as property support-led optimism in top consumer China outweighed headwinds from the latest intervention from authorities. The most-traded January iron ore on Chinas Dalian Commodity Exchange (DCE) ended daytime trade 0.61% higher at 986.5 yuan ($136.80) a metric ton. The benchmark December iron ore on the Singapore Exchange climbed 0.88% to$134.35 a ton, following a 1.15% drop in the previous session.


Iron ore retreats as latest Chinese intervention weighs
Fri, 24 Nov 2023 00:00:00 GMT
Iron ore futures retreated on Thursday as intervention from authorities in top consumer China to curb the recent price rally weighed on sentiment, although prospects of improved demand capped losses. The benchmark December iron ore on the Singapore Exchange fell 1.46% to $132.7 a ton after scaling a nine-month high a day before. The most-traded January iron ore on Chinas Dalian Commodity Exchange (DCE) ended daytime trade0.86% lower at 976.5 yuan ($135.42) a metric ton, after drawing closer


Citi raises iron ore price forecast to $140 on China stimulus
Fri, 24 Nov 2023 00:00:00 GMT
The global mining industry is closely monitoring the shifts in iron ore prices as Citi analysts have recently upgraded their price forecast to $140 per tonne, fueled by expectations of increased investment in Chinas urban development. The revised projection comes amid a seven-year low in iron ore inventories and a surge in November futures in Singapore to $134 per tonne. Analysts from Citi anticipate that Chinas policy focus on urban village redevelopment will catalyze a rebound in


China to tighten oversight on iron ore market after price rally
Fri, 24 Nov 2023 00:00:00 GMT
Chinas state planner saidon Thursday that it would closely monitor changes in the iron ore market and further tighten supervision of spot and futures trading in its latest effort to curb a rally in the price of the key steelmaking ingredient. The National Development and Reform Commission (NDRC) said it met with iron ore trading companies and futures firms to understand their activity in the spot and futures markets after a continuous and rapid rise in iron ore prices. Despite weaker



Number of Asia Pacific steel news reports: 12
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