Iron ore prices to further tumble as China steps up curbs on steel output

[kankan326]

Bad news for Australia.

Iron ore prices to further tumble as China steps up curbs on steel output - Global Times

www.globaltimes.cn

 

[RPK]

China has 20 times overcapacity. Most of the steel plant out of production due to US tariff on Chinese steel

 

[casual]

China has 20 times overcapacity. Most of the steel plant out of production due to US tariff on Chinese steel

source?

 

[Song Hong]

Australia can eat cake.

 

[zectech]

pennywise, pound foolish. When the global currency is bitcoin, China won't have any to buy iron. That is among the top threats that demands China to stockpile decades worth of steel. The other is a trumpian blockade of China in 2025.

China has what? 10-20 years of iron production for the Chinese economy in Chinese mines. Is that enough.?.

China needs to open up more mines around the globe and get a glut of iron, and then buy up Aussie iron at cheap prices.

 

[Song Hong]

Demand and supply -- so blame everything on free market.

 

[hualushui]

China has taken several measures to reduce its dependence on Australian iron ore:
1. Shut down outdated production capacity;
2. Cancel the steel export tax rebate;
3. Consolidate iron and steel enterprises to increase the size of the enterprise;
4. Increase the reuse of scrap steel
5. Increase investment and development of iron ore mines in Africa

 

[zectech]

Demand and supply -- so blame everything on free market.

No, this was market manipulation to support Australia. Compared to copper prices, the current iron price should not have been that high, especially not the 35-40% higher prices. There was no major shortages of steel. Therefore no shortages of iron. Iron was being bought up as supply was there, so there was no major shortage of iron either.

This spike in price happened at the exact same time as Chinese avoidance of trade with Australia. This was "Wall Street" helping out Australia from Chinese trying to drastically hurt the Aussie economy.

A lesson to the Chinese how Wall Street is not about price discovery. Anything on Wall Street is manipulation.

 

[Song Hong]

No, this was market manipulation to support Australia. Compared to copper prices, the current iron price should not have been that high, especially not the 35-40% higher prices. There was no major shortages of steel. Therefore no shortages of iron. Iron was being bought up as supply was there, so there was no major shortage of iron either.

This spike in price happened at the exact same time as Chinese avoidance of trade with Australia. This was "Wall Street" helping out Australia from Chinese trying to drastically hurt the Aussie economy.

A lesson to the Chinese how Wall Street is not about price discovery. Anything on Wall Street is manipulation.

I am being cynical.

 

[REhorror]

Maybe this is good news for Viet Nam. We need cheaper steel.