Rio Tinto said on Wednesday it would team up with its biggest customer China Baowu Steel Group to develop an iron ore project in Western Australia for $2 billion as it looks to prop up its production from the Pilbara region, reports Reuters. The deal comes amid fraught ties between Australia and China—the world’s top […]
Category: Commodities
Chinese exports to the rest of the world grew strongly in June as trade picked up following the easing of pandemic lockdowns and logistics bottlenecks in its ports. Still, economists say the trade bounce is unlikely to last, as rate increases by the US Federal Reserve and other central banks to cool inflation weigh on […]
Ganfeng Lithium has agreed to buy Argentina-focused mining group Lithea for up to $962 million, as China steps up its battle for the metals needed to power electric vehicles, reports the Financial Times. The deal will give Shenzhen-listed Ganfeng rights to Pozuelos and Paston Grandes, two salt lake brines in Argentina that can produce lithium […]
China is moving to consolidate the country’s iron ore imports through a new centrally controlled group by the end of this year, as Xi Jinping’s administration seeks to increase Beijing’s pricing power over the industry, reports the Financial Times. The initiative, led by the China Iron and Steel Association and the planning ministry, involves large […]
China’s exports are expected to have expanded at a faster pace in May as factories reopened and supply chain disruptions calmed after Shanghai began to emerge from a lockdown, while imports also likely rose, reports Reuters. The recovery adds to evidence the world’s second-largest economy has begun to chart a path out of the supply-side […]