Business
Federal budget set to benefit from Australia’s troubles with China as iron ore price soars – The Guardian
Chinese steel mills rush to lock in supply of Australian high-grade ore in case trade restrictions are imposed
The crumbling relationship between China and Australia has helped boost iron ore prices to record highs, paving the way for a better-than expected budget next week.
Iron ore prices hit US$200 a tonne on Friday morning, as Chinese steel mills rushed to lock in supply in the event trade restrictions emerge between Australia and China.
This week, China suspended all activities relating to the China-Australia Strategic Economic Dialogue.
Chinese steel mills, the largest importers of Australian high-grade…
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