Falling Iron Ore Prices May Cool China-Australia Trade: Times

The China-Australia trade bubble may burst with iron ore prices returning to a more regular range and as China curbs its steel production to reduce carbon emissions, the Global Times said in an editorial. Demand for iron ore has also slowed with unprecedented rains across the country and the pandemic disrupted some production, the newspaper said. The iron ore trade may shift to a buyer's market as China, the world's largest iron ore consumer, pushes ahead with carbon neutrality targets, the newspaper said. China's total imports from Australia rose 37.4% y/y in the first seven months even as China tried to limit imports due to deteriorating bilateral relations.