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Iron ore price frenzy grips China’s mammoth steel sector | |
admin | |
2020-12-22 | |
发布年 | 2020 |
语种 | 英语 |
国家 | 国际 |
领域 | 地球科学 |
正文(英文) | ![]() Iron ore shipments at the port of Qingdao. (Image courtesy of China’s Port of Qingdao Authority)
Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity globally for a second straight year as speculative money floods in and Chinese demand holds firm. Steelmakers in China, the world’s biggest producer of the metal, and the operator of its flagship iron ore futures contract have called for a probe into what they say is an “abnormal” price rally that has eroded their margins. The most active iron ore futures on the Dalian Commodity Exchange have gained 37.8% this quarter and 21.5% in December alone. They were up 123% year-to-date as of Dec. 18, while Platts’ CFR China 62% iron ore index has climbed more than 72%. Below are key milestones in the recent rally and steps taken to try to calm the market.
The DCE further restricts single-day open positions on its most active iron ore contract and adjusts speculative margin requirements.
CISA holds a symposium with major steelmakers in China, who call on regulators to investigate the spike in iron ore prices and crack down on any wrongdoing.
Spot 62% iron ore hits a record of $175 per tonne. The DCE said it would further limit open positions for all iron ore futures contracts to 2,000 lots from Dec. 22. It also proposed cutting some iron ore trading position limits by more than half. ($1 = 6.5489 Chinese yuan) (By Min Zhang and Tom Daly; Editing by Jason Neely and Edwina Gibbs) |
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来源平台 | Minging.com |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/308630 |
专题 | 地球科学 |
推荐引用方式 GB/T 7714 | admin. Iron ore price frenzy grips China’s mammoth steel sector. 2020. |
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