Daily iron ore price update (scrap ban lifts)

www.macrobusiness.com.au
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The iron ore complex surged on Thursday, bringing prices to new highs as demand for iron ore remains high in the Middle Kingdom: Spot prices exceeding $170USD per ton while coking coal and rebar advanced nearly 2%. The lifting of a two year ban on imported scrap steel into China last week are considered "symbolic The post Daily iron ore price update (scrap ban lifts) appeared first on MacroBusiness.
The iron ore complex surged on Thursday, bringing prices to new highs as demand for iron ore remains high in the Middle Kingdom:

Spot prices exceeding $170USD per ton while coking coal and rebar advanced nearly 2%.

The lifting of a two year ban on imported scrap steel into China last week are considered "symbolic only" according to SCMP:

The ban on scrap steel for steel production was lifted from the start of January after China had prohibited its import to prevent the global dumping of low-grade scrap "waste" since late-2018.

Last week, new standards were also formalised by authorities to classify scrap as a "recycled steel raw material", while also reducing the import tariff to zero. This adjustment coincided with a total ban on general imported solid "waste" that went into effect on Friday.

But two deals by Baowu Steel Group and Zhejiang Judong struck just after January 1 appear…
Chris Becker
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