MID-SHIP Cement Report – Oct 29, 2024

October 29, 2024

Market Overview: 
The market continues slowly for this time of year. All eyes are on China as troubling signs continue to be registered across commodity markets. The CEO of Brazil’s Suzano, controlling one-third of the global hardwood pulp supplies, recently described “ the most challenging scenario ever” in top importer China, adding there are signs of stabilization, citing stabilizing prices and resilient demand levels after further erosion in the third quarter. The nearing conclusion of a close US Presidential election impacts our markets as market participants weigh the possible outcome and the implications of potential tariffs. iron ore prices have been trending lower compared to last month and last year. The spot price for iron ore is currently at $92.83, down from $99.91 last month and $120.98 a year ago. Despite these factors, the demand for coal remains robust. Thermal power generation in China increased by nearly 10% year-over-year in September, and coal imports rose by 13% to a record high of 47.6 million tons.

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