中國降息推升鐵礦石價格

Iron ore, the key ingredient in steelmaking, has extended its recent breathtaking rally after China cut interest rates for a third time in six months in a further attempt to shore up its slowing economy.

在中國再次推出降息舉措後，鍊鋼重要原料鐵礦石價格在最近的這輪激動人心的漲勢中繼續攀升。中國這次降息是6個月內第三次降息，試圖進一步支撐其放緩的經濟。

Benchmark Australian ore for immediate delivery into China rose $2, or 3 per cent, to $62.50 a tonne on Monday, according to a price assessment from The Steel Index. Iron ore has now surged almost 35 per cent since sinking to a six and a half year low of $46.70 in early April.

根據鋼鐵指數公司(The Steel Index)的價格評估，即期中國到岸澳大利亞基準鐵礦石價格週一上漲2美元，達到每噸62.5美元，漲幅3%。自4月初鐵礦石跌至每噸46.7美元的6年半內最低點以來，如今鐵礦石價格已激增近35%。

China is the biggest consumer of seaborne iron ore, purchasing around two-thirds of the world’s supplies. The latest rate cut should lower borrowing costs and ease the pressure on the country’s heavily indebted steelmakers.

中國是海運鐵礦石的最大消費國，其購買量佔全球供應量的比例約爲三分之二。最近這次降息應該會降低借貸成本，減輕中國負債累累的鋼鐵製造商的壓力。

A decline in Chinese ports stocks and a late buying spree by steel mills restocking ahead of the peak summer demand period have been the key drivers of the recent recovery in iron ore prices.

中國港口庫存的下滑、以及近期鍊鋼廠在夏季需求高峯期前大舉買入的行爲，是鐵礦石價格近期復甦的主要推動因素。

In addition, three of the four largest seaborne producers — BHP Billiton, Fortescue Metals Group and Vale — have all suggested they might be willing to adjust production volumes, which have surged in recent years and overwhelmed weaker demand.

此外，在四大海運鐵礦石生產商中，必和必拓(BHP Billiton)、Fortescue Metals Group及淡水河谷(Vale)這三家都曾暗示，它們可能會願意調整鐵礦石產量。最近幾年，鐵礦石產量已急劇增長，超過了已然減弱的需求。

However, many analysts do not expect the recovery to last and believe prices will fall unless Chinese demand picks up or there is a real commitment to cut supply on the part of major producers.

不過，許多分析師預計，除非中國需求回升或主要生產商真正致力於降低供應量，這輪復甦行情不會持續下去，鐵礦石價格將會下跌。