Aussie iron ore exports expected to fall until Q1 of 2022 amid China’s control, supply diversification
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Update time : 2021-11-22 22:21:47
Australian iron ore exports are expected to continue their sluggish trend for the rest of the year and the first quarter of next year after global prices fell to their lowest this year from the peak period in June, driven by China's growing efforts on dual control on energy consumption reduction for environmental protection and industrial upgrades.
Industry insiders predict that while the price is likely to remain low until the first quarter of 2022, Australia's iron ore exports to China, its largest iron ore trading partner, may be slashed even further.
A source with the Anglo-Australian mining company Rio Tinto Group told the Global Times on Friday that while there is still demand from China, it has not been as good as the first half of the year.
China's duel control has contributed to the current situation, since the system is directly linked to the drop in steel production, which led to the weak demand for iron ore, the person said.
The spot price of imported iron ore in Shandong in East China, a major importer of iron ore, was dropped by 20-30 yuan ($3.13-4.69) per ton on Thursday from Wednesday.
