News Analysis China has set up a new state-owned group in charge of centralized iron ore procurement to increase its bargaining power in the international market. China’s iron ore demand is huge. Data shows that since 2016, China’s annual iron ore imports have exceeded 1 billion tons. In 2021, China imported a total of 1.126…
China Establishes a Mineral Resources Group to Strengthen Its Bargaining Power in Global Market
Beijing Creates New State-Owned Iron Ore Giant to Weaken Australian Miners
July 21, 2022
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Asia & PacificAustraliaBHPBusiness & MarketsChinaChina Business & EconomyChina Mineral Resources GroupChina-Australia RelationsCompaniesenergyGold and CommoditiesInternationalInternational Relationsiron oreMarketsRio TintoWorld
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In a bid to gain control over iron ore prices, Beijing has created a new state-owned mineral giant that will be responsible for exploration and mass bulk buying of the commodity. The move will be aimed at giving China greater bargaining power over major iron ore producers like Australia’s BHP and Rio Tinto, who will…
Think Tank Warns Australia Over Iron Ore Trade with China
A new report released by the Australian Strategic Policy Institute (ASPI) on Wednesday urges Australia to take action on China’s coal export bans to avoid similar future attacks on Australia’s iron ore trade. “In the event that an iron ore glut emerges over coming years, Australian miners could be susceptible to the same kind of discriminatory action…
Beijing Strangles Its Steel Industry To Rein in Iron Ore Prices
Analysis Iron ore prices have tumbled after Beijing appears to have successfully suppressed the country’s demand after they cracked down on its domestic steel production. The key steel ingredient plummeted from near-record high prices of US$220 a tonne in July to US$140 last week, reaching its lowest value since December of last year. To achieve…
Chinese-Linked Miner in Pole Position for African Iron Ore Project
July 1, 2021
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AfricaAustraliaaustralian iron oreBusiness & EconomyCameroonChinaChina-Australia RelationsEquatorialInternationaliron oreRepublic of CongoSundanceUKWorld
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Beijing’s attempts to pivot their iron ore supply chains away from Australia to Africa appear to be taking shape with the signing of a major deal that will likely grant a Chinese-linked mining firm AustSino access to the massive Mbalam-Nabeba Iron Ore project. The deal comes seven months after Australian and British mining firms were…
Mining the Backbone of Australia’s Budget Bounce Back
Analysis The Federal Budget’s release on Tuesday has unveiled Australia’s mining sector as the foundation for Australia’s ambitious economic recovery plan, following the pandemic stemming from the CCP virus. The core of the budget lies in its funding, fueled by a rising demand—and rising cost—of metalliferous ores. Budget papers (pdf) showed that recent commodity prices,…
Chinese Demand For Australian Iron Ore Still Booming Despite Trade Tensions
April 22, 2021
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AustraliaAustralia-China tradeaustralian exportsaustralian iron oreInternationaliron orejosh frydenbergMarise PayneRio TintoWorld
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Australian iron ore exporters aren’t feeling any effects of Beijing’s ongoing economic sanctions against Australian exports, as China’s colossal demand for the mineral drive prices up to a 10-year high. Rio Tinto, an iron export giant, said their Australian iron ore assets had excellent operating performance in the first quarter of 2021. In the report…
Aussie Iron Ore Miners Hit as Chinese Steel Production Wanes
January 28, 2021
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Asia & PacificAustraliaAustralia-China RelationsChinaChina Business & EconomyChinese RegimeInternationaliron oreWorld
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Australian iron ore companies saw their share prices dive on Wednesday in response to declining steel sector activity in China. According to RBC analyst Kaan Peker, Chinese steelmakers have been reducing production for the last five weeks, partly due to the Chinese Communist Party’s (CCP) ban on Australian coal imports into the country, and the upcoming…
China Trade War Against Australia Backfires
LAUNCESTON, Australia—China is paying a heavy toll for its efforts to punish Australia by banning or restricting certain commodity imports, while conversely Australia seems to have avoided any serious financial ramifications so far. Coal is the highest-profile Chinese target in the Australia row. Beijing effectively all but banned imports from Australia as part of its…
Congo Strips Aussie Miners of Iron Ore Projects as Beijing Trade Dispute Widens
December 23, 2020
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AfricaAustraliabelt and road initiativeChinaChinese Communist PartyChinese Regimeeconomic coercionInternationaliron oreRepublic of CongoWorld
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Amid the ongoing trade disputes that Beijing has instigated against Australian exporters, the Republic of Congo (ROC)—which is heavily indebted to China—has stripped three Australian mining firms of major iron ore projects under alleged “unlawful and arbitrary” circumstances. The move comes as the Chinese Communist Party (CCP) continues to wield considerable influence via debt-trap diplomacy on…
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