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By on May 19, 2021 0


China puts Australia on alert with push to diversify iron ore

(Bloomberg) – Beijing shed light on trade tensions with its main raw materials supplier Australia after the government’s economic planning agency said it was looking to diversify the supply of iron ore from China. Chinese companies should boost domestic exploration for steel production, The NDRC also said Australia should stop harming economic and trade cooperation with China and take measures to promote healthy development bilateral relations. Iron ore is Australia’s main export source and relations with Canberra have deteriorated in recent weeks. But adding the mineral to a series of curbs already in place on Australian commodities would be a risky decision given near-record prices and China’s dependence on high-quality supplies from Australia for around two-thirds. of its imports. Almost unimaginable, various forms of restrictions, delays or increased administrative burdens on Australian iron ore imports could still occur, ”Wood Mackenzie said in a recent memo. Citigroup said further gains for markets such as steel, aluminum and coal are supported by strong demand and a policy agenda that includes “crackdowns on domestic production for the sake of control. ‘environment, energy and security,’ according to a bank note. an acceleration in the credit crunch is unlikely for the foreseeable future, with the central bank expressing few concerns about soaring commodity prices.Otherwise, the agenda for the day is driven by the China’s agricultural imports for April. Purchases of corn, wheat and sorghum are expected to remain high as China’s buying frenzy continues to help fuel a global grain rally. agricultural imports; LNG and pipeline gas imports; breakdown of trade in petroleum products; exports of alumina and rare earth products; Imports of bauxite, steel and aluminum products LONGi Green and Goldwind among speakers at Macquarie Group conference in Hong Kong RESULTS: Daqo New Energy’s chart Today’s China chart suggests that the economic expansion may have stabilized as policymakers seek to curb commodity-intensive real estate spending In WireShaanxi province, China’s third largest coal-producing region, has taken a step forward important for clean energy last month when production from renewables briefly overtook thermal energy for the first time. town on the edge of the Gobi Desert is a sign in English and Chinese that says “Oil Holy Land”. Nearby, a preserved drilling rig marks the location of China’s first commercial oil well JinkoSolar announces change of leadership Bank of China, Citigroup and BNP lead offshore green bond market CGN Wind Energy adds largest Zhejiang Province Offshore Farm AheadWednesday 19 MayChina Monthly Major Loan Rates, 09:30China’s April Production Data for Base Metals and Petroleum Products HOLIDAY: Hong KongThursday May 20 3rd round of China trade data April from China, including Energy and Commodity Country Breakdown SMM Battery Materials Conference in Changsha, Hunan, Day 1 USDA Weekly Crop Export Sales, 8:30 a.m. EST Friday, Ma y 21Ganfeng Lithium, EVE Energy, Huayou Cobalt leaders among speakers at Macquarie group conference in Hong Kong China iron ore port weekly stocks Inventory Shanghai Commodity Weekly, 3:30 PM SMM Battery Materials Conference in Changsha, Hunan, Day 2 AGMs: Cnooc, Tianqi Lithium, CATL More stories Subscribe now to stay ahead with the most popular business news source More reliable. © 2021 Bloomberg LP