Australia’s biggest export could face even steeper falls in price as China’s threats to cut down on its reliance on iron ore start to bite.
He added that there were reports more steel mills are being directly ordered to reduce output and that gave credibility to China’s plan to cap its steel output in 2021 at 2020 levels.
One of the biggest Chinese property developers China Evergrande is on the brink of collapse as it buckles under a mountain of debt and risks defaulting on billions of dollars of loans. Against early signs of an overheating property market, the People’s Bank of China and other regulators announced a string of measures to rein in financial risks to the property sector in the second half of last year, he said.
“However, it is worth noting that this measure will only be applied to new bank loans,” Mr Dhar said. While Mr Dhar said they were still forecasting iron ore prices to average $US170 a tonne for the rest of the year, it was facing “risks” and the predictions for next year were grim.
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