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Iron ore is Australia’s silver lining to its darkening China cloud – Sydney Morning Herald
China might be able to impose bans on some Australian products but it has no substitute when it comes to iron ore unless it wants to shut down its steel industry…
Australias miners, notably Rio Tinto, BHP and Fortescue, dominate the seaborne trade in iron ore. Their main competitor, Brazils Vale, is still recovering from its tailing dam disasters and, more recently, the impact of the pandemic and heavy rains on its production.
Earlier this week, Vale lowered its forecasts for this years production by 5 million to 10 million tonnes, from an already-reduced target of 310 million tonnes.
That Vale-aided tightness in supply, which is expected to continue into…
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