China ramps up attempts to control soaring prices of Iron ore
Steel

China ramps up attempts to control soaring prices of Iron ore

Chinese Iron ore and steel prices fell on Thursday after the federal government sought stricter oversight of commodity markets to curb exorbitant prices, sparking a broad-based correction.

On the Dalian Commodity Exchange, September iron ore trading was 5.7% lower at 1,142.50 yuan a tonne at daytime ending, after earlier beating a three-week low of 1,102 yuan.

Dalian's most active contract has dropped 16 % from a record 1,358 yuan hit on May 12, extending overnight losses.

The most-traded June iron ore dropped 3% to 200 dollars a tonne by 0706 Greenwich Mean Time (GMT) on the Singapore Exchange. On May 12 it reached a record height of 233.75 dollars.

The world's biggest producer of steel products China has sharply elevated consumption of iron ore and other steel ingredients while ramping up production for use in manufacturing home appliances and construction materials, among strong demand driven by global stimulus measures.

That stimulates prices to register peaks this month, with spot iron ore rising beyond 200 dollars a tonne.

China's cabinet pledged on Wednesday, to increase its management of commodity supply and demand to control unreasonable price hikes and protect consumers.

Tapas Strickland, Sydney-based economist for National Australia Bank said that commodity costs have come under stress overnight amidst the broader risk-off sentiment and as China's State Council notified about commodity costs.

Steel prices continued their dropping streak to hit five-week lows, retreating from record peaks last week. Rebar 4.7% on the Shanghai Futures Exchange cast, while hot-rolled coil declined to 4.5%.

Stainless steel fell 2.8%. Dalian coking coal dropped 8% while coke dropped 4.8%.

Image Source


Also read: China looks to reduce steel production volume

Also read: End users are paying for steel price rise

Chinese Iron ore and steel prices fell on Thursday after the federal government sought stricter oversight of commodity markets to curb exorbitant prices, sparking a broad-based correction. On the Dalian Commodity Exchange, September iron ore trading was 5.7% lower at 1,142.50 yuan a tonne at daytime ending, after earlier beating a three-week low of 1,102 yuan. Dalian's most active contract has dropped 16 % from a record 1,358 yuan hit on May 12, extending overnight losses. The most-traded June iron ore dropped 3% to 200 dollars a tonne by 0706 Greenwich Mean Time (GMT) on the Singapore Exchange. On May 12 it reached a record height of 233.75 dollars. The world's biggest producer of steel products China has sharply elevated consumption of iron ore and other steel ingredients while ramping up production for use in manufacturing home appliances and construction materials, among strong demand driven by global stimulus measures. That stimulates prices to register peaks this month, with spot iron ore rising beyond 200 dollars a tonne. China's cabinet pledged on Wednesday, to increase its management of commodity supply and demand to control unreasonable price hikes and protect consumers. Tapas Strickland, Sydney-based economist for National Australia Bank said that commodity costs have come under stress overnight amidst the broader risk-off sentiment and as China's State Council notified about commodity costs. Steel prices continued their dropping streak to hit five-week lows, retreating from record peaks last week. Rebar 4.7% on the Shanghai Futures Exchange cast, while hot-rolled coil declined to 4.5%. Stainless steel fell 2.8%. Dalian coking coal dropped 8% while coke dropped 4.8%. Image SourceAlso read: China looks to reduce steel production volume Also read: End users are paying for steel price rise

Next Story
Infrastructure Transport

HMRTC to Extend Metro from Gurugram to Jhajjar

The Haryana Mass Rapid Transport Corporation (HMRTC) is progressing with plans to extend the Gurugram Metro from Basai to Bhadsa in Jhajjar, with the ridership survey expected to be completed by the end of January, according to HMRTC officials. In March, the authority had requested Railway India Technical and Engineering Services (RITES) to conduct a ridership survey, which will play a crucial role in finalising the project. The proposed route, covering 23.1 km from Basai to Bhadsa, will alleviate heavy traffic on this stretch. The ridership survey will determine whether the extension should p..

Next Story
Building Material

Siam Cement BigBloc Construction bags Tata Project’s order

SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat based BigBloc Construction and Thailand’s SCG International Corporation, has secured a work order from Tata Projects for supply and installation of AAC Panels for India’s first Semiconductor unit of Micron India in Sanand, Gujarat. The work order of approx. 2 lakh square feet is for supply and installation of 100 mm AAC panels for Micron India’s semiconductor factory at Sanand. The work order was finalized after several rounds of meetings, thorough due diligence, and factory visits, including review of mock-u..

Next Story
Infrastructure Urban

Zoomlion Releases World's Tallest Straight Boom Aerial Work Platform

Zoomlion Heavy Industry Science & Technology has released a series of groundbreaking aerial work platform (AWP) products, including the world's tallest straight boom aerial work platform, the ZT82J, with a height of 82.3 m. These innovative products further solidify Zoomlion's leadership in the AWP sector and underscore its commitment to global market development. The ZT82J marks Zoomlion's third instance of setting a world record in straight boom AWP following the 68-meter and 72-meter products. The 82.3-meter AWP boasts a platform amplitude of 34.1 meters, a maximum working load of 454 kilog..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000