Steel Production Record Reached In China, Helping Drive Iron Ore Closer To $100 A Ton [Forbes]
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Source: Forbes
Steel Production Record Reached In China, Helping Drive Iron Ore Closer To $100 A Ton A supply squeeze caused by mine closures in Brazil is not the only reason iron ore rose this week to a five-year high of $97.95 a ton. Demand is also a factor, with Chinese steel production running at a record annualized rate of more than one billion tonnes for the first time. The combination of Brazil's problems and surprisingly strong Chinese steel production during a trade war with the U.S. could soon see the iron ore price move back above $100/t, and stay there for some time. Analysts at J.P. Morgan, an investment bank, are the first to note the record rate of Chinese steel production which reached 85 million tons in April, for an annualized 1035m/t, up 11% year-on-year. China's steel mills are operating at record levels. Phoptographer: Qilai Shen/Bloomberg. © 2017 Bloomberg Finance LP "Chinese steel production is surprising on the upside at a time when iron ore shipments remain materially impact
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