RE: Long way to go23 Dec 2023 07:33
Https://tradingeconomics.com/commodity/iron-ore
Prices for iron ore cargoes with a 63.5% iron ore content for delivery in Tianjin rose to $139 per tonne in December, the highest since June 2022, amid bets of robust demand in the medium term. Five of China’s largest state banks, including the China Construction Bank, lowered their interest rate on their deposits in the country’s latest push to stimulate economic activity. The move was among Beijing’s latest efforts to support the country’s economy through its recent signs of slowing down, as policymakers gauge the appropriate levels of stimulus to prevent a further slide in property prices while complying with their goal to phase out the Chinese economy’s overdependence on property construction. Consequently, iron ore demand for next year remained underpinned by bets of ample infrastructure spending by Beijing. Policymakers stated an additional CNY 1 trillion of debt would be issued to target infrastructure and manufacturing projects.