China

Iron ore prices have dropped to a 10-month low as China made further calls to slow steel production, causing major and minor iron ore miners alike to feel the effects in Australia. 

Thermal and coking coal production have helped the overall balance of goods and services to record levels in July, according to Australian Bureau of Statistics (ABS) trade data.

Oxford University professor of globalisation and development Ian Goldin has warned the Australian mining sector that tensions with China could escalate into a ‘cold war’ with further impacts on supply chains.

Iron ore prices reached $US208.67 ($268.72) per tonne on Tuesday after reports flagged a potential easing of production cuts at Chinese steel mills.

New Hope Group has flagged that the monthly average thermal coal price at its New South Wales operations have increased by 78 per cent since September 2020.

In the wake of record-high copper, iron ore and steel prices, Chinese Premier Li Keqiang has made clear the country’s need to control the commodities to ensure China’s economic stability.  

Western Australia’s Pilbara Ports Authority has maintained strong iron ore shipments from Port Hedland during April as prices have surged.

Venture Minerals has started commissioning for its wet screening plant at the Riley iron ore mine in Tasmania.

Orica has put subsidiary Minova up for sale following hampered market conditions and the halving of overall earnings.

The price of seaborne iron ore has jumped to a record $US230.56 ($294.52) per tonne, just after it surpassed the $US200 per tonne mark.

Copper has topped its record price after reaching $US10,361 ($13,200) per tonne on the London Metal Exchange (LME) last week.

China’s National Development and Reform Commission (NDRC) has suspended economic communications with Australia, which emphasises Beijing’s move away from Australian commodities.

Iron ore prices have hit another record mark, surpassing $US200 ($259) per tonne to outdo last month’s historic high.

Venture Minerals is less than two weeks away from commissioning the wet screening plant at the Riley iron ore mine in Tasmania.

Iron ore prices for Australian fines imports to China have recovered to US$160.1 ($210) per dry metric tonne after falling to a six-week low earlier in the week.

The International Copper Study Group (ICSG) has found that global copper mine production remained stable in 2020 despite production declines in Australia.

BHP has agreed to support Automotive Data of China in a two-year partnership to develop the research of electrified transport.

Coronado Resources is expecting demand from international markets for its metallurgical coal will climb 14 per cent by 2030.

BHP expects iron ore demand will remain strong due to increases in Chinese steelmaker activity.

The price of Australian iron ore fines has moved back above $US150 ($US196.31) per dry metric tonne after sharp falls in recent weeks.