- Write by:
-
Tuesday, June 12, 2018 - 2:33:08 PM
-
1600 Visit
-
Print
Mining News - You can hear more from Thompson Reuter`s Vishal Thiruvedula at this year`s 24th International Iron Ore Symposium .
Metal Bulletin: At the upcoming 24th International Iron Ore Symposium you will be speaking about the factors that drive the commodity markets with regards to iron ore, steel and coking coal. What is the current outlook with regards to these commodities and are there reasons for industry players to be optimistic?
Vishal Thiruvedula: In spite of the current high level of Iron Ore inventories at Chinese ports, steel inventories have been dropping consistently as the steel makers are producing over 2.5 million tonnes of steel per day a record since mid 2014.The steel mills will look to optimise their output prior to any potential production restrictions in the winter. In the short term strong steel margins and majority of steel mills back to normal operation should be bullish for coking coal & iron ore. Recent declines in iron ore inventories at major Chinese ports are evidence of increased restocking demand from steel mills. Steel margins should be supported in the short term by construction activity and the closure of outdated plants.
MB: Since 2017 have you witnessed any surprises when it comes to seaborne iron ore trading? How to do you see the rest of 2018 panning out?
VT: Resilience of Iron ore imports to China in 2017. Imports grew 5% y-o-y for 2017. A robust increase in supply outside of the majors from countries such as Russia, Iran, Peru & India.
Iron ore seaborne volumes should still be supported by the construction activity in China and steel mills looking to maximise output prior to the production cuts in the winter.
MB: During your time with Thomson Reuters, what lessons have you learnt that you can share?
VT: In the last 18- 24 months the market has witnessed significant changes in production capacities across coal & steel sectors in China due to policy changes targeted towards cleaning up the environment and reducing overcapacity. The effect of these policy changes has resulted in increased volatility across both raw material prices and seaborne trade volumes. The adjustments in the Chinese economy over the next few years to reduce carbon emissions and pivot towards a service oriented economy are going to continue to have a pronounced impact on coal & iron ore prices.
MB: What are you looking forward to most about the upcoming 24th International Iron Ore Symposium?
VT: Attending the International Iron ore symposium for the second year in a row provides me the opportunity to build on the relationships forged last year. Looking forward to the interactions with a wide range of industry specialists involved in mining, steel mills and the analyst community.
You can hear more from Vishal Thiruvedula at this year`s 24th International Iron Ore Symposium on 25-26 June 2018.
This content is provided by Metal Bulletin Events for informational purposes only, and it reflects the market and industry conditions and presenter’s opinions and affiliations available at the time of the presentation.
Short Link:
https://www.miningnews.ir/En/News/191545
Mining News Pro - In the difficult and exhausting conditions of unilateral and cowardly sanctions, more than any other ...
Mining News Pro - The CEO of Khuzestan Steel Company informed about the plans made to reach the production level of 13 ...
Mining News Pro - The 19th International Metallurgy Exhibition (IranMetafo) was held at the permanent location of Tehran ...
Mining News Pro - European Commission President Ursula von der Leyen said last month that commodities like lithium and ...
Mining News Pro - In response to Western sanctions, Russian miners have looked towards merging to create companies ...
Mining News Pro - In 2020, Iran started to promote mining tourism by launching the first project in the Anguran lead and ...
Mining News Pro - Acid mine drainage has long been a scourge in Appalachia. Recent research suggests that we may be able ...
Mining News Pro - Using a global data set of zircon trace elements, new research demonstrates the power of machine ...
Mining News Pro - The global markets of nickel, lithium and cobalt – three of the key metals used in electric vehicle ...
No comments have been posted yet ...