“After the Winter Olympics, there is a chance to chill out the manufacturing restrict (for metal),” analysts at Zhongzhou Futures mentioned in a observe.
However they mentioned China might see an iron ore surplus of 15 million tonnes this 12 months given depressed metal demand within the nation’s property sector and manufacturing controls to curb emissions.
Chinese language builders had an annual drop in property gross sales in 2021 for the primary time since 2016. The hundred largest builders in China bought properties price 11.1 trillion yuan ($1.7 trillion) final 12 months, down 3.5% in comparison with 2020, in response to China Actual Property Info Corp.
Essentially the most-active iron ore for Might supply on China’s Dalian Commodity Change ended daytime buying and selling 4.1% increased at 717 yuan ($112.47) a tonne, close to a session excessive of 717.50 yuan, its strongest since Oct. 27.
In accordance with Fastmarkets MB, benchmark 62% Fe fines imported into Northern China have been altering palms for $127.58 a tonne throughout morning buying and selling, up 2.4% in comparison with Wednesday’s closing, the very best since Oct. 11.
Associated learn: Top iron ore stories of 2021 and what to expect in 2022
(With information from Reuters and Bloomberg)