Iron ore price falls despite China’s support measures

Shutdowns of European smelters due to high power prices have been a key reason behind low LME stocks.

Company produced 8.8 million tonnes of coal in the first half of 2022.

China's economy grew 3% last year, one of the weakest annual growth figures in nearly half a century.

The miner, which looks set to keep its position as the world's biggest iron ore producer, said the Gudai-Darri mine is expected to reach its nameplate capacity on a sustained basis during 2023.

The market narrative for China's appetite for commodities has moved on from what was a soft 2022 to expectations of a strong 2023.

Iron ore futures jumped almost 60% from the end of October through last Friday.

With suppliers unable to keep pace, a blistering price rally sent the total spot value of lithium consumption rocketing to about $35 billion in 2022.

Recharge Industries is planning a A$300 million factory to build lithium-ion batteries free of materials from China.

The metal will probably average $3,125 a ton this year in London, analysts said.