On the occasion of the resumption of work during the Spring Festival, the market expects that Chinese steel mills will gradually adjust inventories and increase production; affected by this, the spot price of iron ore on Thursday (February 18) soared by US$8.17 to US$175.05 per ton (approximately RMB 1,136). Yuan), an increase of 4.9%.
At the same time, the Dalian Commodity Exchange showed that the May iron ore futures price soared 7.1% to US$175.22 per ton, a new high since December 22 last year; the March contract price of iron ore on the Singapore market also rose 1.5% to a ton. USD 169.40
Iron ore is a commodity with strong import demand in my country. Data shows that in 2020, my country has imported 1.17 billion tons of iron ore, a year-on-year increase of 9.5%. However, in recent years, my country is also actively seeking ways to reduce its dependence on imported iron ore.
The China Iron and Steel Association (CISA) recently confirmed that my country imported 3,000 tons of scrap metal from Japan at the end of January 2021. This is also the first import of scrap metal since my country banned the import of scrap metal two years ago. Analysts said that China's lifting of the ban on scrap metal imports and the use of its steel making will help reduce its dependence on Australian iron ore.
This is obviously bad news for Australian suppliers. According to reports, thanks to China's strong demand for Australian iron ore and the soaring iron ore prices, the annual export profits of Australia's three major iron ore producers (BHP Billiton, Rio Tinto and FMG) have all hit record highs in many years.
Currently, Australia has also set a new export target-according to relevant reports released by Australia, it is estimated that the country’s 21/22 iron ore export volume will increase to 906 million tons, and iron ore export revenue is also expected to increase to 1,230 Billion US dollars (approximately 798 billion yuan). However, under China's relevant actions, whether Australia can achieve this goal as scheduled is still facing certain challenges.
2021.07.26
The Ukrainian Iron and Steel Manufacturers Association has submitted a temporary ban on the export of scrap steel to the Prime Minister of the country, requesting it to consider banning the export of scrap steel from Ukraine before December 31, 2023 to ensure the stable development of the metallurgical industry and the country’s economy. The…
2021.07.23
According to statistics from the General Administration of Customs of Vietnam, the country exported 5.88 million tons of steel in the first half of the year, a year-on-year increase of 50.5%. Steel exports in June rose 4.3% year-on-year to 1.02 million tons. In the context of the recovery of domestic production and the growth of…
2021.06.15
The World Steel Association’s recently released “World Steel Statistics for 2021” shows that the global crude steel output in 2020 is 1.878 billion tons, an increase of 0.5% year-on-year, and the compound annual growth rate of crude steel output from 2015 to 2020 is 3.0%. From the perspective of steelmaking technology, in 2020, the global…
2021.06.15
China’s steel imports and exports in 2020: From January to December, the total export of steel products is 53.677 million tons, and the total import of steel products is 20.233 million tons. my country’s steel exports are far greater than steel imports. Among them, 16.085 million tons of plates were imported, an increase of 5.76…
