China should guard against the rise in international iron ore prices, as it has the potential to erode its hard-won economic recovery.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.

According to Luo, under the current pricing mechanism, iron ore prices are to a large extent determined by the producers rather than market forces.

Tariffs on exports of products such as ferrosilicon, ferrochromium, and high-purity pig iron will be raised temporarily to a rate of 25 percent, 20 percent, and 15 percent, respectively.

The CEC in February forecast a year-on-year increase in electricity consumption of 6-7pc for 2021.

New Ferrosilicon and Ferrochrome Export Duty from 1st May 2021

Chinese steel futures closed at all-time highs on Monday, underpinned by robust demand and concerns over production curbs, while benchmark iron ore prices hit record highs, fuelled by structural supply shortage.

Chinese steel futures closed at all-time highs on Monday, underpinned by robust demand and concerns over production curbs, while benchmark iron ore prices hit record highs, fuelled by structural supply shortage.