The UK’s Evening Standard has published an article on iron ore 2021. And in it sheds light on the coming developments in the market and
Chinese import ban on Australian goods
When Australia had the temerity to support calls for an investigation into China’s handling of the Covid pandemic, Beijing imposed a ban on imports of Australian goods.
China’s iron ore needs huge
Australia’s coal, timber and barley felt the impact, but not its biggest export – iron ore. President Xi has taken it off the banned list. What does that tell you? That China’s need for iron outweighs even the most extreme PR instincts of its dictatorial regime.
Rio Tinto benefits from import ban
That’s good news for Rio Tinto (which today raised its production forecasts) and everyone else with a vested interest in an iron ore price that has skyrocketed since April.
China needed Australian iron to turn into steel for the factories behind its miraculous 2020 economic recovery.
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