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Mixed Signals For Iron Ore Demand

AUD

Iron ore is lower on the session, but rallied last week and is holding most of its gains. Prices gained sharply yesterday on reports of stronger demand linked to elevated steel mill margins and healthy steel demand in China.

  • CBA notes that "elevated margins alongside the steel production curbs in Tangshan (~14% of China's steel production) will likely boost demand for higher‑grade ore (~65% Fe) over other varieties."
  • There could be a hit to demand on the horizon. China Eco Info Daily reported that China's steel industry is aiming to reduce carbon emissions by 30% by 2030 after they reach a peak before 2025. It is reported that China will strictly control growth of crude steel production capacity this year and will release stricter measures for capacity replacement in steel sector.
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