{"id":1202301,"date":"2020-08-18T14:55:47","date_gmt":"2020-08-18T19:55:47","guid":{"rendered":"https:\/\/www.mining.com\/?p=1033048"},"modified":"2020-08-18T14:55:47","modified_gmt":"2020-08-18T19:55:47","slug":"iron-ore-price-rockets-to-highest-since-january-2014","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1202301","title":{"rendered":"Iron ore price rockets to highest since January 2014"},"content":{"rendered":"

Iron ore prices hit six-and-half year highs on Tuesday as Chinese furnaces, where more than half the world\u2019s steel is forged, roll out crude steel at a never before seen pace.<\/p>\n

According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $128.57 a tonne on Tuesday, up 5.4% on the day. <\/p>\n

That was the highest level for the steelmaking raw materials since January 2014 and brings gains for 2020 to nearly 40%.<\/p>\n

China produced 93.4m tonnes of crude steel in July the largest monthly volume on record. Crude steel output in July was 2% higher than the month prior, and 9% higher than July 2019, according to data from the National Bureau of Statistics.\u00a0<\/p>\n

\n
\"Iron
Source: Fastmarkets MB<\/figcaption><\/figure>\n<\/div>\n

Infrastructure stimulus <\/h2>\n

Since the outbreak of the pandemic Beijing has issued 4.75 trillion yuan ($683 billion) in local and national debt with a focus on encouraging infrastructure projects according to China Dialogue<\/a>.<\/p>\n

As of the end of June, 63% of funds from local government special bonds had gone to infrastructure investments, primarily in transportation, civic infrastructure and industrial parks, according to figures from GF Securities.\u00a0<\/p>\n

China’s finance ministry has said that 700 billion of the 1 trillion yuan in national special bonds can be used as capital for infrastructure construction (the remainder is to be used for general pandemic-related spending).\u00a0<\/p>\n

Soaring imports<\/h2>\n

China\u2019s iron ore imports jumped 24% in July compared to a year earlier, totalling 112.7m tonnes, a new monthly record.<\/p>\n

For the first seven months of 2020 shipments reached 659.6m tonnes, up 11.8% compared to 2019.\u00a0<\/p>\n

At the current pace, 2020 full year total would handily beat last year\u2019s 1.069 billion tonnes, which was just below 2017\u2019s record 1.075 billion tonnes.<\/p>\n","protected":false},"excerpt":{"rendered":"

China’s $680 billion post-pandemic splurge on infrastructure sparks record steel output and soaring iron ore price.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202301"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1202301"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202301\/revisions"}],"predecessor-version":[{"id":1202309,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1202301\/revisions\/1202309"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1202301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1202301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1202301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}