China’s pollution control drive ahead of Olympics could impact iron ore markets -Fortescue

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 28, 2021

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October 28, 2021

MELBOURNE (Reuters) – Fortescue Metals Group Chief Executive Elizabeth Gaines said on Thursday that Beijing’s blue sky policy ahead of the winter Olympics early next year could extend volatility in the iron ore market.

Speaking on a call to media, Gaines said: “We are all aware there is a general determination from Beijing to ensure blue skies and … expectations are that we could continue to see some continued volatility as a result from that.”

However, there has been no indication of changes to long term contracts by customers, Gaines added.

Iron ore prices are down nearly 50% from record highs reached in May.

During a previous blue sky policy, Beijing has curtailed steel making to help ease air pollution.

(Reporting by Melanie Burton; Editing by Himani Sarkar)

Source Link China’s pollution control drive ahead of Olympics could impact iron ore markets -Fortescue

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.