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China’s pollution control drive ahead of Olympics could impact iron ore markets -Fortescue -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Elizabeth Gaines from Fortescue Metals Group poses for pictures after sharing her perspective on China’s future steel production in Shanghai (China), January 15, 2020. REUTERS/Emily Chow

MELBOURNE, Reuters – Fortescue Metals Group OTC: Chief Executive Elizabeth Gaines stated on Thursday that Beijing’s Blue Sky Policy ahead of the Winter Olympics in early next year may increase volatility in the ironore market.

Gaines spoke on a phone call to media and stated: “We know that Beijing is determined to make sure blue skies, so… we expect to continue to witness volatility from that.”

Gaines said that there have been no changes in long-term contracts from customers.

The iron ore market is down by nearly half of the record-breaking highs recorded in May.

Beijing has reduced steel manufacturing to ease pollution during the previous blue-sky policy.

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