søndag 23. mai 2021

Iron ore price: China’s plan to punish Australia through Brazil

China might have shunned Australian lobster and wine, but there’s one commodity it just can’t go without: iron ore. The last 12 months has seen the country more dependant on Australia’s biggest export than ever before thanks to an increase in Chinese steel production, as well as disruptions to Indian and Brazilian iron ore supply. Australian iron ore is now worth more than $US210 per tonne compared to just $US60 this time last year.

But the current boom in Aussie iron ore exports to China could be under threat with Beijing now pressuring Brazil to get its production of the commodity back to full speed, Australian Financial Review reports.