China's pollution control drive ahead of Olympics could impact iron ore markets -Fortescue
Reuters
Published Oct 27, 2021 10:18PM ET
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.
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Written By: Reuters
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