Have We Already Seen Peak Iron Ore Prices For This Year?

Australia’s iron ore sector and China tensions

Meanwhile, Australia had fewer environmental and pandemic-related challenges.

However, the country has been fighting an ongoing trade war with China. The conflict stems from Australian suggestions that China should investigate and publish details on the cause and early spread of the COVID-19 virus from Wuhan.

Beijing has reacted negatively to those suggestions. In turn, it has applied sanctions on Australian thermal coal and other commodities in a bid to get them to retract the demand.

As a result, China has tried to dissuade purchases from Australia. However, with supply out of Brazil hampered, Australia still secured the lion’s share, amounting to some 60% of Chinese iron ore imports.

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