China's iron ore import price jumps to record high, curbing measures expected
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Update time : 2021-05-07 17:31:35
China's iron ore imports remained strong from January to April with import volumes increasing by 6.7 percent, bolstered by resilient demand after the resumption of production, pushing up the price significantly (58.8 percent) to 1,009.7 yuan ($156.3) per ton, remaining at a high level. Meanwhile, the average price for imported iron ore in April alone reached $164.4, the highest since November 2011, data with Beijing Lange Steel Information Research Center shows.
While China's demand for iron ore plays an important role in the increase in the volume and price of imported iron ore, experts said that the high price is likely to be eased with the diversification of the sources of supplies and transformation toward green energy.
The jump on raw material price took place since last year, ignited by the growth of steel production after the epidemic was well contained in China. From statistical data, in the first quarter, China's output of pig iron and crude steel output reached 220.97 million tons and 271.04 million tons, year-on-year growth of 8.0 and 15.6 percent, respectively.
Due to resilient demand, the average price of iron ore imports in April was 164.4 dollars per ton, up 84.1 percent year-on-year, according to the calculation of Beijing Lange Steel Information Research Center.
