NEWS

• • Metal News :

Stability in China’s Iron Ore Market

This week, China’s iron ore import market started off stable. The average price of 62% iron ore purity increased by 15 cents compared to last Friday, reaching $101.3 per ton, dry CFR China.

China reduced its one-year and five-year loan benchmark rates by 25 basis points each, bringing them to 3.10% and 3.6%, respectively. This announcement follows a series of macroeconomic stimulus measures from the government aimed at boosting the economy. Meanwhile, market activity for imported iron ore shipments was sluggish over the past day.

Source: Platts

 

Details of China’s Steel Exports to Various Countries in the First Nine Months of 2024 + Infographic

According to Petrometals, BigMinT has reported a significant increase in China’s steel exports. It stated that in the first nine months of the current year, China’s steel exports have grown by approximately 20% to reach 80.9 million tons.

Southeast Asia has emerged as the largest importer of Chinese steel, with imports from this region increasing by 26% compared to the same period last year, amounting to 25 million tons.

The Middle East and Africa have also been major destinations for Chinese steel exports, with a 22% increase in imports, totaling 23.2 million tons. In the first nine months of 2024, steel imports from China to the United Arab Emirates and Saudi Arabia saw significant increases of 47% and 37%, respectively.

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