In relation to trade figures, iron ore was up $1.8 billion to $10.96 billion in the month of October and looking to stay up for November. The total price of exported goods also sat at $30.5 billion, with iron ore making up about a third of that.
The Australian Tourism Council projected an uptick for the economy once borders reopening, saying the move was worth about $588 million a week. RBA Deputy Governor Guy Debelle warned the government, however, not to pull stimulus out from the economy too fast, and it should continue lending.
Don’t sell to China!
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Iron ore price surges to $169 USD | Sky News AustraliaThe iron ore price has risen to $169 USD per tonne, just shy of the record $193 USD per tonne set in 2011.\n\nBHP, Rio Tinto and Fortescue Metals have also seen considerable growth in their share prices, reaching record highs.\n\nThe materials sector as a whole is performing well, up 0.1 per cent on the ASX in early trade.\n
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Trade tensions: China rumblings stoke fears iron ore is nextThere are mounting concerns iron ore could become the next battleground between China and Australia amid rising trade tensions, especially as the price of the steel making commodity keeps surging.
Source: newscomauHQ - 🏆 9. / 77 Read more »
Iron ore price soars to a record high as China’s steel mills run hotThe price of iron ore has surged to an all-time high as aggressive, infrastructure-focused stimulus programs in China fuel booming demand for the key steel-making material | NickToscano1 exports economy NickToscano1 War Machinery 101 NickToscano1 ...wonder what they are using all that steel for 🤔
Source: theage - 🏆 8. / 77 Read more »
Chinese tensions leading to iron ore price collapse would be an ‘economic disaster’ | Sky News AustraliaThe budget's assumption that future iron ore prices will collapse raises questions about whether the government believes 'tensions with China' will affect Australia's key mining industry, says Sky News Political Editor Andrew Clennell.\n\nA key assumption of Tuesday night’s budget was that iron ore prices would drop to around $50 down from current levels of over $230 a ton.\n\nLast year’s pandemic budget assumed iron ore prices would not experience a massive hike, but the price surge as well as increased Chinese demand left the budget with a $8.8 billion windfall.\n\nMr Clennell said the fact this year’s budget assumed the prices would fall indicated there was an “anticipation that tensions with China will affect that”.\n\n“If it did, it would be an economic disaster for the country.”\n aclennell aclennell Let's forget about what the govt 'believes in' or 'thinks'. What do you reckon? Will a continuing tension with China affect our iron ore industry? aclennell The rookie government entourage doing what it does best : assumptions and announcements!
Source: SkyNewsAust - 🏆 7. / 78 Read more »
'Once in a generation' iron ore price surge sparks skills shortage warningIndustry and analysts warn Western Australia could face a shortage of skilled workers to keep up with demand in the mining sector as the price of iron ore soars to eye-watering highs. After 17 out of 20 years of successive conservative governments stripping every civil department of funding 2 purchase extravagant military equipment we have NO trained & employed young educators NO health professionals NO police & NO hope of quickly turning that situation around With the Libs posturing on the China threat, and talking up the drums of war, why are they shipping iron ore? Would have thought providing raw materials to build weapons would be the first casualty of war ScottMorrisonMP If only we had public vocational training facilities.
Source: abcnews - 🏆 5. / 83 Read more »