China’s 1.2 trillion yuan dam project lifts metals markets, but isn’t a quick fix for glut
The project’s output will treble that of the Three Gorges Dam, generating annual electricity more than five times Singapore’s 2024 consumption
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[SINGAPORE] China’s launch of a 1.2 trillion yuan (S$218.5 billion) mega-dam project in Tibet has energised metal markets, though analysts warn that its long timeline and China’s construction downturn would limit the impact of immediate demand.
Ferrous markets rallied sharply this week following the Saturday (Jul 19) groundbreaking ceremony attended by Chinese Premier Li Qiang.
Iron ore futures for October delivery on the Singapore Exchange surged as much as 4.9 per cent this week, and Shanghai steel futures jumped almost 4 per cent on Thursday from pre-announcement levels.
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