Iron ore rally eases on China’s pledge to limit emissions

After reaching a 10-year high level this month, iron ore prices have fallen as the biggest consumer shared its plan to limit steel production and minimise carbon emissions from the sector.

  • China is the biggest consumer of iron ore in the world but the country's pledge to become carbon neutral by 2060 has affected the demand prospects for the commodity.
  • The government of Tangshan has already passed orders for industries to halt or limit steel production during heavily polluted days.
  • Iron ore was among the best performing commodity in 2020, rising almost 75% to US$160 per tonne on the back of strong demand from the Chinese steel industry and supply concerns from the second-largest producer, Brazil.

As of 16 March 2021, 62% CFR Iron ore 1-month Futures traded at CNY 1,170.5 per tonne, up 0.30% on Dalian Commodity Exchange.


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