Iron ore price surrenders gains for the year as Chinese demand cools

Financial Times LogoFinancial Times1 mo ago

Iron ore price surrenders gains for the year as Chinese demand cools

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That volatility has alarmed Chinese policymakers who are now moving to consolidate the country’s iron ore imports through a new centrally controlled group by the end of this year.

At the same time, the country’s vast steel industry has continued to hold production steady, with output in May annualising at more than 1.1bn tonnes.

A year ago, iron ore hit a record high of above $230 a tonne, as demand surged in line with the global recovery from the pandemic.

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Article Details

Author / Journalist: Neil Hume

Category: MarketsFinanceInvesting

Topics: Iron Year Tonne Demand Steel Prices Production Chinese 2022

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-20, 16:30:19

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 5 minutes read

Article Length: 734 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 1388

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