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by Iron ore cargoes, with 63.5% iron content, saw a price surge in Tianjin. The price exceeded $140 per tonne in late December. This was an 18-month high. The year is set to end with a 20% increase due to strong industrial metal demand. China’s government has been supporting iron ore prices. This started when the country reopened after pandemic lockdowns. A key move was the suspension of the annual steel production cap in August. This increased the demand for iron ore.
The People’s Bank of China (PBoC) followed this with several stimulus injections and monetary easing policies. These were in line with Beijing’s promise to boost infrastructure development and manufacturing in 2024. Despite a drop in property demand and construction activity in China, iron ore prices continued to rise.
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