Australia’s department of industry’s quarterly report outlines a bonanza for the country with annual iron ore export values expected to peak at A$136 billion ($103 billion) in 2020–21 and stay above A$100 billion for the next five years. The strong earnings of Australian mines are thanks to new mines and expansion projects coming online, which […]
Australia expects to log a record A$136 billion ($103.85 billion) from iron ore exports this financial year, as global steel-making recovers after a Covid-19 led downturn, a government report revealed. The country’s most valuable economic export is expected to earn more than A$100 billion per year for the next half-decade as miners like BHP Group, […]
In February 2021, for the first time ever, Australia exported $8 billion more goods than imports for the third consecutive month. According to reports, Australia’s economy is heavily dependent on iron ore and its exports. Over the past year, iron ore made up 41 per cent of Australia’s total exports. While everything – including coal […]
Last March, as the world economy shut down, commodity producers knew they were in for a harrowing time. Demand fell off a cliff and producers scrambled to cut capacity. Mines shut shop, rolling mills ground to a halt and oil transporters had to pay buyers to take delivery. A year later, the speed of the […]
China has embarked on cuts in production in its largest steel-making city of Tangshan to check pollution, but its overall output will likely still remain near last year’s record levels, senior market analyst Hongmei Li, Editor of Mysteel Global, told Biman Mukherji in an interview. “In Tangshan, around 23 mills have been asked to cut capacity utilization by […]
Ratings agency India Ratings and Research (Ind-Ra) on Tuesday revised its outlook on the domestic steel sector from negative to stable for the fiscal year beginning April 1, 2021. The agency also expects the prices of iron ore, a raw material used for steel making, to increase in the coming financial year. In a statement, […]
New Delhi would without doubt be cheering Beijing’s crackdown on polluting steel mills towards the end of this week. The single action by China’s government has sent skyrocketing iron-ore prices crashing, which will translate into lower prices of the most important steel-making ingredient for Indian steel mills as well. New Delhi has been so troubled […]
India’s largest iron ore miner NMDC, has witnessed a strong growth in production and sales during February 2021 with production for the month at 3.86 million tonnes (mt), up 19 per cent from 3.24 mt of ore mined in the corresponding month in February 2020. Sales in February 2021 increased by 12 per cent at 3.25 […]
China’s iron ore imports rose 2.8 per cent for the first two months of 2021 from a year earlier, customs data showed, as demand for the steelmaking ingredient was supported by a firm consumption outlook. The world’s top steelmaking nation brought in 181.5 million tonnes of iron ore in January and February, up from 176.6 […]
A day after Britain announced plans to raise its corporation tax on big companies to 25% from 19%, the first hike in nearly half a century, the Organisation for Economic Cooperation and Development (OECD) asked countries to avoid tax hikes to tackle the COVID-19 crisis. “Don’t raise your taxes to pay for COVID,” OECD head […]
