Monday, March 8, 2021

Aussie Iron Ore Miners Hit as Chinese Steel Production Wanes

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Australian iron ore companies saw their share prices dive on Wednesday in response to declining steel sector activity in China. According to RBC analyst Kaan Peker, Chinese steelmakers have been reducing production for the last five weeks, partly due to the Chinese Communist Party’s (CCP) ban on Australian coal imports into the country, and the upcoming Chinese New Year period. The S&P/ASX200 fell 44 points to 6,780.6 points on Wednesday, while Australian mining giants Fortescue Metals, BHP, and Rio Tinto saw their share prices decrease. Chinese residents across seven provinces shivered through winter as low coal supplies forced provincial authorities to ration electricity supply. Residents were told not to turn on heating until the temperatures dropped below 3 degrees Celsius, or 37.4 degrees Fahrenheit. It was revealed in November that over $700 million worth of Australian coal was being held up at Chinese ports, amid a continuing Beijing-instigated trade dispute between …

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