The ferrous complex was mixed on Friday 3rd of September 2021:
In news, China wants more ore:
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China’s iron ore producers aim to increase domestic iron ore concentrate output by more than 100 million tonnes between 2021 and 2025, an official with the country’s steel industry association said on Saturday.
Luo Tiejun, the vice-chairman of the China Iron and Steel Association (CISA), told a meeting in the steel heartland of Hebei province that government departments are examining ways to support domestic iron ore production.
“It is hoped that the majority of big iron ore enterprises will work together and strive to raise iron ore concentrate output by 100 million tonnes over the fourteenth five-year plan period,” he said, referring to 2021-2025.
Given low grades, this is the equivalent 20-30mt at 62%. Still, the message is what is important. China is prepping to do with iron ore what it has done with coal. To use tariffs to protect and grow local production.
Just another nail in the coffin.