China’s plan to hurt Australia’s iron ore exports hits major new snag
JUNE 12, 2021
The free market can be a brutal and unforgiving place even when you’re as powerful as the Chinese Communist Party. This week has made it painfully clear that their plan to drive down the price of Australia’s number one export has backfired — and now they’ve been hit with another devastating supply issue that is likely to drive prices up even further. Iron ore — a critical ingredient in steelmaking — is now fetching an eye-watering US$217 a tonne after a week of sustained gains. That is more than double the price of what it was a year ago...
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