An oversupply of emissions trading credits in China by more than 1.5 billion tonnes of carbon dioxide will likely cap carbon prices in the country, TransitionZero carbon analyst Matt Gray told Fastmarkets in an interview.
The collapse of the iron ore market and market turbulence over Chinese property developer Evergrande Group are adding to the economic woes caused by the Delta variant of Covid-19 for much of this year.
Chinese government policies are not always written down or announced, and some are announced very late. These unwritten rules are having a major impact on costs along the steel supply chain, with automakers, in particular, feeling the squeeze. Many of these policies have a green tinge, such as the recent ban on Australian coking coal.
Spot prices for imported containerized ferrous scrap in Taiwan started rebounding in the week to Friday August 13 due to increasing seller reluctance to offer lower prices given the widening price gap with bulk cargoes, market sources told Fastmarkets.
Spot prices for imported containerized ferrous scrap in Taiwan continued on a downward trend in the week to Friday August 6 amid the current buyers’ market caused by poor demand, market sources told Fastmarkets.