{"id":5236,"date":"2024-02-01T18:10:58","date_gmt":"2024-02-01T18:10:58","guid":{"rendered":"https:\/\/economicherald.net\/?p=5236"},"modified":"2024-02-01T18:10:58","modified_gmt":"2024-02-01T18:10:58","slug":"dont-worry-evergrandes-bankruptcy-wont-cripple-chinas-iron-ore-and-copper-demand-in-2024","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5236","title":{"rendered":"Don\u2019t worry \u2013 Evergrande\u2019s bankruptcy won\u2019t cripple China\u2019s iron ore and copper demand in 2024"},"content":{"rendered":"

China\u2019s debt-laden property behemoth Evergrande finally forced into liquidation on January 29
\nAccording to S&P, market participants believe the Chinese government will prevent a \u2018snowball effect\u2019 on other developers and the economy
\nThis will bode well for\u00a0commodities demand<\/p>\n

\u00a0<\/p>\n

China\u2019s sickly property market was dealt another blow when debt-laden property behemoth Evergrande was forced into liquidation on January 29.<\/p>\n

It has raised fears about commodity demand in 2024. Evergrande has been the canary in the coal mine for China\u2019s ailing property and construction sector, which consumes a huge amount of copper, aluminium, and iron ore every year.<\/p>\n

The property sector accounted for around 30.8% of\u00a0China\u2019s steel consumption\u00a0in 2023 at 280Mt, down from about 36.2% in 2020.<\/p>\n

Copper demand from construction and home appliance sectors makes up more than 20% of the country\u2019s total demand.<\/p>\n

The good news is any contagion from Evergrande may be contained.<\/p>\n

According to S&P Global, market participants believe that while Evergrande\u2019s liquidation is likely to be \u201ca lengthy process fraught with uncertainties\u201d, the Chinese government will ensure the delivery of pre-sold homes to prevent a snowball effect on other developers and the economy.<\/p>\n

This will bode well for\u00a0commodities demand, it says.<\/p>\n

\u00a0<\/p>\n

Iron ore, copper appetites remain strong<\/h2>\n

Iron ore prices have remained stubbornly high, despite these headwinds, with growing signs of life emerging at the smaller, more marginal end of the market.<\/a><\/p>\n

Amid subdued domestic steel demand, China\u2019s finished steel exports in 2023 reached a seven-year high of 90.264Mt, up 36.2% on the year.<\/p>\n

Steel exports are likely to remain strong in 2024, amid high steel production, stagnant domestic demand, and resilient steel consumption in emerging economies.<\/p>\n

\u201cSteel exports may likely drop to around 82Mt in 2024, but if the steel market dynamics seen in 2023 persist into 2024, it could be higher,\u201d S&P Global says.<\/p>\n

While copper demand improvement from China\u2019s real estate sector is expected to be minimal in 2024, green energy is here to pick up the slack.<\/p>\n

\u201cLed by a robust solar power intake, China\u2019s refined copper demand is expected to grow further from a previous forecast of 4.7% on the year, equivalent to 643,000 mt of copper,\u201d S&P says.<\/p>\n

<\/span><\/p>\n

The post Don\u2019t worry \u2013 Evergrande\u2019s bankruptcy won\u2019t cripple China\u2019s iron ore and copper demand in 2024<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

China\u2019s debt-laden property behemoth Evergrande finally forced into liquidation on January 29 According to S&P, market participants believe the Chinese government will prevent a \u2018snowball [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5237,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nDon\u2019t worry \u2013 Evergrande\u2019s bankruptcy won\u2019t cripple China\u2019s iron ore and copper demand in 2024 - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5236\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don\u2019t worry \u2013 Evergrande\u2019s bankruptcy won\u2019t cripple China\u2019s iron ore and copper demand in 2024 - 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