Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
BEIJING, July 4 (Reuters) – China’s top steel maker China Baowu Steel Group will move 4.03 million tonnes of iron-making capacity and 4.55 million tonnes of steelmaking capacity to middle and southern provinces from eastern regions of Shanghai and Jiangsu
Move is in line with Beijing’s push to relocate heavy industries from polluted and crowded regions to places with less environmental pressure
Some blast furnaces and converters will be demolished at Baowu’s Shanghai Meishan Iron & Steel Co and Baosteel Stainless Steel Co, according to a statement from the company
New capacity will be launched at Baosteel Zhanjiang Iron & Steel in Guangdong province, Echeng Iron & Steel at Hubei province and Baosteel Desheng Stainless Steel in Fujian province
Baowu Steel Group, merged between Baosteel Group and Wuhan Iron & Steel Group, produced 65.39 million tonnes of crude steel in 2017 (Reporting by Muyu Xu and Josephine Mason; Editing by Elaine Hardcastle)
