Stabilize Prices in China Supporting Iron Ore Market Management

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Communities and Economic Revitalization. This approach also supports the President's Justice40 Initiative, which commits to giving disadvantaged areas 40% of the benefits of particular climate and clean energy investments.

After touring multiple abandoned minefield locations in varying phases of reclamation, Secretary Haaland and Landrieu made the announcement. The crew visited an AML site in Mineral City that still has unsafe highwalls, pit impoundments, and uncontrolled mine drainage, all of which impact nearby people.

They also visited sites such as the Huff Run – Farr project and the Dessecker Mine Project, which were reclaimed for safer community usage with the help of AML reclamation money. The delegation also visited with retired United Mine Workers of America members. It took part in a roundtable discussion with local labor leaders organized by Ohio AFL-CIO President Tim Burga. By funding programs that stop dangerous mine shafts, reclaim unstable slopes, enhance water quality by treating acid mine drainage, and restore water supplies affected by mining, AML reclamation initiatives help coal communities create muchneeded jobs.

President Biden's Bipartisan Infrastructure Law will create goodpaying employment and economic opportunities, particularly for workers in energy areas

Reclaiming hazardous land for recreational amenities and other economic rehabilitation applications such as advanced manufacturing and renewable energy deployment is also possible with AML reclamation initiatives. According to a congressionally mandated methodology, OSMRE is giving AML funding to 24 coal-producing states and two Tribal AML Reclamation Programs in the fiscal year 2022.

The grant formula is based on previous and present coal output, and the program is partially funded by a levy levied on every coal produced in the US. OSMRE had spent more than $8 billion to recover lands and waters that were mined or impacted by mining before 1977 when Congress passed the Surface Mining Control and Reclamation Act of 1977 (SMCRA).

Over 45,000 abandoned underground mine shafts and openings have been closed, over 1,040 miles of dangerous highwalls have been removed, over 130,000 acres of spoil and dangerous piles and embankments have been reclaimed, and over 52,000 acres of clogged streams and land have been restored thanks to AML funding.

Stabilize Prices in China: Supporting Iron Ore Market Management

In light of recent price spikes, China's top economic planner announced that daily regulation of spot and futures markets for iron ore would be strengthened to help stabilize market prices.

The National Development and Reform Commission (NDRC) and the State Administration for Market Regulation recently conducted a joint investigation at the Dalian Commodity Exchange (DCE), according to the NDRC. The NDRC expressed grave concern about price fluctuations in the iron ore market. It will conduct in-depth investigations, increase supervision, severely punish unlawful actions such as distributing false information, price gouging, and speculation, and research other appropriate methods to ensure the iron ore market runs smoothly. Inventories in the United States are at a multi-year high. According to analysts, given the supply-demand balance is consistent, the sudden price increase in iron ore must be due to speculation. The NDRC analyzed iron ore stocks at Qingdao Port in Shandong Province, East China, on February 17. It then requested that iron ore trading companies release surplus stocks as soon as possible and return them to a fair level. According to the NDRC, unlawful behaviors such as hoarding and price gouging would be investigated.