Iron ore price hits fresh 9-and-half year high

Benchmark iron ore futures in China fell nearly 6% on Wednesday, after the country urged the steel industry to produce less crude steel next year.

The state-backed energy giant has bought a majority stake in PT Dian Swastatika Sentosa’s thermal power plants in Indonesia for $394 million.

High prices by historical standards have encouraged investment into a pipeline of new projects and restarts, which will continue to come online in 2021, Fitch forecasts.

The total volume dispatched to global destinations from Australia and Brazil was 29.7 million tonnes from December 21-27.

The agreement eases the immediate financial pressure on Tianqi.

A China-led economic recovery should boost demand for copper, iron ore and gold in 2021 after covid-19 roiled global markets in 2020.

Top coal-producing regions like Shanxi and Inner Mongolia were urged to expand mining.

Prices for iron ore have more than doubled in 2020, putting the steelmaking raw material on track to be the top-performing major commodity for a second straight year.

Country to fully lift access restrictions on foreign investment in coal, oil, gas, power generation and new energy businesses, according to white paper.