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Chinese factory iron ore prices push to 6-year high

Date:Sep 7,2020

Iron ore prices hit a six-and-a-half-year high on Thursday, as activity in China's construction and manufacturing industries reached levels nearly 10 years ago.

 

According to data from Fastmarkets MB, 62% of benchmark iron ore imported into northern China was traded at US$129.92 per ton on Tuesday, up 2.1% on the day.

 

This is the highest level of raw materials for steelmaking since mid-January 2014, bringing the increase in 2020 by more than 40%.

 

China's steel production accounts for more than half of the world's steel production, and seaborne iron ore imports account for 70% of the world's total. A key indicator of China’s economic activity released this week showed that China’s manufacturing and construction industries expanded rapidly in August.

 

The Caixin Manufacturing Purchasing Managers' Index (PMI) rose to 53.1 in August from 52.8 in July, far higher than analysts' expectations. In the usual months when industrial production slows down, analysts’ expectations will fall.

 

The index above 50 indicates that the economy is expanding, and the data for August is the highest level since January 2011.

 

Although the official PMI released by the Chinese government shows a slight decline in economic activity, the Caixin Index is generally regarded as a more reliable measure because the index covers more private and small and medium-sized enterprises than the Chinese government measures, and it is more inclined In state-owned enterprises.

 

Capital Economics pointed out that, driven by the recovery of foreign demand, the export order sub-item in the manufacturing PMI rose to above 50 for the first time this year.

 

The London-based research company said that this shows that foreign demand is beginning to catch up with China's domestic demand and hints that China's export growth will accelerate further in the coming months.

 

While Chinese factories are booming, infrastructure spending is also soaring.

 

Since the outbreak of the epidemic, 4.75 trillion yuan (US$683 billion) of local and national debts have been issued, most of which are used for infrastructure projects, making the construction industry PMI above 60.

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