Chinese government last weekend released the blue print for the 24 new railway lines around Beijing, which total length 3457km, budget at 650B yuan (US$94B) and uses around 73MT of steel or 117MT of IO needed. So another additional 117MT of IO for 2017 and beyond.
Steel demand this year in China will exceed last year, next year will continue as some old government officials are replaced at the end of the year, new officials will want to impress and continue this 6-7% growth.
What we have seen this week in IO Future/IOP/SP happens pretty much every time Chinese has a public holiday, the price will go up during the week as Steel Mills restock before the holiday, and prices drop as Future traders profit take. Then during the holiday, Steel Billet will go up by 100 yuan, then next week we'll see IOP back over US$60 again. We'll see.
DYOR.
Frank.
Iron ore price, page-1668
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