Open figure viewer
Significance
Beijing seeks to reduce price volatility for ore and hence steel through market restructuring and to increase Chinese self-sufficiency. This comes at a time when ore exporters face firm demand but are struggling with a 50% rise in production costs since the pandemic.
Impacts
India, which plans to double its steel output by 2030, could rescue Australian producers facing shrinking opportunities in China.
Russia’s shelling of Odesa port in Ukraine is making Black Sea iron ore shipments very unreliable.
Large deposits of iron ore have been identified in India’s Rajasthan, with an estimated 840 million tons of ore.
Rio Tinto, BHP and BlueScope Steel are jointly developing an electric smelting furnace to promote decarbonisation in steelmaking.
Keywords:
International,
INT,
economy,
foreign investment,
infrastructure,
investment,
metals,
Metals & mining
© Oxford Analytica 2024. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2024
You do not currently have access to this content.
