As the world’s largest consumer of iron ore, China has long relied on imports as the country’s iron ore resources cannot meet its domestic demand. According to public data from the U.S. Geological Survey, as of 2021, China’s uncovered iron ore resources, including raw and iron-bearing ore, are about 26.9 billion tons, accounting for 10…
China Still Far from Iron Ore Self-Sufficiency, Despite Years of Exploration
China Scrambling to Seize Pricing Power in Global Iron Ore Market
The China Iron and Steel Industry Association (CISA) revealed its “Cornerstone Plan” on Jan. 10, aimed at mining more iron ore domestically and reducing import dependence, as well as increasing equity mines and exploring scrap steel resources outside China. The plan is seen as part of China’s long-term efforts to control iron ore pricing in…
Australia’s Trade Surplus for Goods Has Dropped
Australia’s trade surplus for goods has dropped to its lowest level in two years after China stopped buying a range of exports. The goods trade surplus for November was $1.9 billion after exports rose just one percent, according to Australian Bureau of Statistics figures published on December 23. The surplus for October was $4.7 billion….
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