Will Simandou’s high-grade iron ore end Australia’s market dominance? Experts are sceptical
4 June 2021
Seven days ago successful attempts from the Chinese government to put the kybosh on the iron ore price – from records of $US230/t to only near records of ~$US190/t – led to some apocalyptic takes from commentators.Since then China showed producers in the steel city of Tangshan a draft plan to relax emissions reducing production restrictions, apparently in the hope increasing steel supply would bring down prices. Iron ore futures went boing, iron ore was back above $US200/t and the draft was pulled. Not, presumedly, what the CCP had planned.
As prices have remained stubbornly high Australia has benefitted in the form of record export earnings from China, despite ongoing trade tensions that have seen Aussie coal and crayfish turned away at the border...
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