China’s 2025 steel demand to fall 1.5% on year, state research institute says
China's steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively.
The iron ore price jumped on Tuesday after Fortescue raised concerns over a labour shortage in Australia because of covid-19 curbs, which could hamper output and shipments.
BHP and Rio Tinto have also warned of disruptions from labour shortages as Australia faces a surge of Omicron coronavirus variant cases.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $138.39 a tonne during morning trading, up 3.7% compared to Monday’s closing.
Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange ended daytime trading 1.4% higher at 766.50 yuan ($121.14) a tonne, rising for a fifth straight day after overnight gains erased Monday’s losses.
Mining stocks also slid, with Fortescue down more than 4% from the previous week, Rio Tinto Group down 0.6%, and BHP down 1.2%.
Fortescue, the world’s fourth-biggest iron ore miner, posted a 2% rise in second-quarter shipments, but flagged pressures from strong demand for labour and resources, as well as supply chain constraints due to the pandemic.
“The release of Fortescue’s production report should shed light on whether recent iron ore supply disruptions have been overcome,” ANZ commodity strategists said in a note.
(With files from Reuters)
3 Comments
Nagg
All lies by these giants. I am applying since somany years. Not selected even once. They pre select employees and advertise for no real intention to hire. They don’t know what they really want.
Jeremy
Great time to be employed by these guys. Earnings are way up. It is great if you have the right skills.
Roce
Im working with this 4 mining companies including royhill as a field service technician subcontractor and i applied directly to all of them but and always rejected and telling me they already filled the position…unbelievable shortage!