To prevent illegal speculation in iron ore, China's National Development and Reform Commission issued documents aimed at strengthening supervision and curbing the unjustified rise in iron ore prices. However, with China weakening and fully open to the epidemic, this policy is ineffective, as evidenced by the 62% spot index of futures for iron ore in Australia, which remains at high levels.
In February, China's official PMI reached 52.6, above market expectations, which meant that China's economic viability was gradually weakening. Market participants predicted that prices would be strongly supported by demand for related products.
Chinese policy has little effect on containment of iron ore prices
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Azovpromstal® 10 March 2023 г. 11:33 |
