Softening global demand for steel, thanks to the ongoing turbulence in China’s property sector, is bad news for Australia’s largest export - iron ore.
China’s struggles with its economy and softening global demand for steel are bad news for Australia’s largest export, iron ore, with analysts warning a dip in prices will hurt revenues of the major miners and the federal government.
“Leverage and liquidity issues continue to grow in China with more property developers facing bankruptcy, new loan numbers at decade-low levels and problems now spreading to the wealth management industry,” RBC said. Barrenjoey head of mining research Glyn Lawcock said China aims to hold steel production flat at around a billion tonnes a year to avoid surpluses and contain prices. Production is running 2 per cent higher this year, Lawcock said. “They’re going to really slam on the brakes in the last four months.”
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