Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

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

Published 10/27/2021, 10:18 PM
Updated 10/27/2021, 10:21 PM
© Reuters. FILE PHOTO: Fortescue Metals Group CEO Elizabeth Gaines poses for a picture after sharing her outlook on China's steel production prospects, in Shanghai, China January 15, 2020.  REUTERS/Emily Chow

MELBOURNE (Reuters) - Fortescue Metals Group (OTC:FSUGY) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.