Interesting snippet in The West this morning.Not sure if we're...

Interesting snippet in The West this morning.

Not sure if we're heading for an actual commodities supercycle, but the fact now of Joe's stimulus package in light of existing Chinese demand augers well:


China's Ore Hunger Grows

China’s iron ore imports rose 2.8 per cent for the first two months of 2021 from a year earlier, with demand for the steelmaking ingredient supported by a firm consumption outlook.

The world’s top steelmaking nation brought in 181.5 million tonnes of iron ore in January and February, according to data released by the General Administration of Customs today. That’s up from 176.6 million tonnes for the same period a year earlier.

The rise was within analysts’ expectations, as shipments from China’s top two suppliers grew steadily.

Those arrivals from Australia and Brazil rose 11 per cent to 164mt, Refinitiv vessel-tracking data showed.

The China Iron and Steel Association forecasts steel demand will grow slightly this year, buoying sentiment in the ferrous sector.