Iron ore prices jumped on Tuesday, boosted by reports that the Tangshan steel center plans to reduce production cuts at its plants.
The Tangshan government held a symposium on Monday to discuss lowering the production cutback rate for some plants that have completed ultra-low-emission upgrades, the state-funded Securities Times reported, citing media reports.
Last month, officials in Tangshan warned their steel mills to maintain market order and keep companies running smoothly.
The local government said it would investigate illegal behavior, including market manipulation and stockpiling, and would punish and suspend the businesses found guilty.
But an industry source told Reuters the plan is still under discussion and has not been formally approved.
The latest Capital Economics report predicted that iron ore prices could fall to about $ 140 per ton by the end of 2021 and to $ 120 per ton by the end of 2022.
However, according to Fastmarkets MB, on Tuesday morning in North China (CFR Qingdao) Fe's share of 62% rose 5%, changing hands at $ 208.67 per ton.
The most traded iron ore futures on the Dalian Mercantile Exchange for September delivery rose 7.3% to 1,170 yuan ($ 183.53) a tonne.
Citi Research said the move by Tangshan could put some pressure on steel prices in the near future as the market approaches a weak season.
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