Iron ore price, page-28630

yep you’re correct, CCP reiterated the same message yesterday too. I do remember reading as well when CISA were hypothesising how steel production could decrease, it was suggested that steel exports could be curbed.

So really there would be no change to downstream demand. By cutting exports, this presents an opportunity for India, Japan, Korea and other neighbouring countries to boost steel capacity and take market share from China. A double positive fir these countries. Most of these countries would need to significantly boost production this year to meet increased local demand. India was 10% up YOY in January alone.

and really apart from Vale over the next couple of years potentially getting back to where it was in 2018 and a few inconsequential deposits being developed, there is no major supply coming online, not for the next 5 years anyway... with nearly 2b of steel produced per year, even a 5% increase (approx 100mt more steel) requires nearly 150mt of IO to produce that...and that’s just for one year. Good luck finding that

Scrap could reduce IO demand but there are major supply shortages that just can’t keep up with insatiable demand for steel.

we’re in a good spot!


MIIT: China to trim steelmaking capacity for less carbon
Source：MysteelMar 04, 2021 18:30See Full-size Table Here
China aims to further trim its steelmaking capacity “substantially” as well as to curtail steel output so as to reduce power consumption and carbon emission in the long term, Xiao Yaqing, head of China’s Ministry of Industry and Technology (MIIT) reiterated again at a recent press conference, according to a MIIT sharing on March 3.
“To accomplish China’s ‘ambitious’ mission to peak carbon emission by 2030, and then to realize carbon neutrality by 2060, the country’s steel industry should take the lead and be a pioneer,” he explained Beijing’s stance on lower steel capacity and steel output, which was rather to settle the market doubt from in and out