Latest news with #ironore
Reuters
9 hours ago
- Business
- Reuters
ArcelorMittal signs deal to sell its steel mill and iron ore mine in Bosnia
SARAJEVO, June 20 (Reuters) - ArcelorMittal, the world's second-largest steelmaker, signed a deal on Friday to sell its steel mill and iron ore mine in Bosnia and Herzegovina to the Bosnia-based Pavgord Group, the company said in a statement. The completion of the deal is planned for the third quarter of 2025, after all conditions for its implementation have been fulfilled, the company said.
News.com.au
12 hours ago
- Business
- News.com.au
Demand for iron ore remains high amid Chinese real estate sector
ANZ Senior Commodity Strategist Daniel Hynes discusses Chinese iron ore demand. 'We've seen the property sector there really weigh on steel demand for some time now,' Mr Hynes told Sky News Business Reporter Edward Boyd. 'The sheer size of steel that is consumed and thus iron ore in real estate creates some significant headwinds for the market. 'Amidst all that, the Chinese government is also trying to weed out some of the excess capacity in the steel industry.'
Bloomberg
a day ago
- Business
- Bloomberg
Xi's Giant Iron Ore Trader Is Shaking Up a $130 Billion Market
By and Alfred Cang Save Just three years after its founding, a Chinese government-run trader has become the single biggest force in the country's $130 billion market for iron ore imports. The rise of China Mineral Resources Group Co. has allowed it to tame one of the world's wildest commodities markets — sending volatility in iron ore futures to a record low. It's also playing a role in negotiations with global mining companies, potentially shifting the balance of power between China's vast steel industry and major suppliers like Rio Tinto Group and BHP Group.
ABC News
2 days ago
- Business
- ABC News
Here's what you need to know about the 2025 WA Budget
Not sexy but important. That's how Rita Saffioti described Western Australia's latest budget. She was right. Here's what you need to know. The WA government's been subsidising your electricity bills for the past five years. But not anymore — that tap has been turned off. In fact, water and power bills are set to rise 2.5 per cent. That hike equates to about $94 extra the average household will have to shell out annually. Your car rego is going up too, and the emergency services levy home-owners pay as part of their local government rates will be hiked five per cent. You'll still get $150 in energy bill relief over the next year courtesy of the federal government. The WA government said it's instead focused on trying to reduce rent prices by getting more houses built, and offering rent relief for the poorest households in arrears. It claims the average household will be $50 better off — but that only applies to households which use public transport, where flat fares have been introduced, and those with school-aged kids who can take advantage of student assistance payments and Kidsport vouchers. We're still rolling in cash and will continue to be for the foreseeable future. Thanks to iron ore, oil and gas, gold and a myriad of other resources, WA is expected to record a $2.4 billion surplus in 2025-26. And despite a forecast drop in iron ore royalties of almost 30 per cent over the next year due to an expected supply glut and weakening demand from China, that number will keep growing. By 2028-29 the surplus is predicted to be $2.8 billion. Despite this, WA's debt keeps rising. Following efforts to bring the state's debt level down when iron ore prices were at their peak, it has crept back up again to $33.6 billion this financial year and is set to hit $39 billion in 2025-2026. More than 300,000 people have moved to WA in the past five years, tipping the state's population to over three million, figures out today revealed. The government has put aside $1.4 billion to boost housing supply and slotted the same amount into health and mental health this year, including expanding ED departments at Royal Perth Hospital and St John of God Midland. An increased spend on education and training amounts to $1.8 billion, including extra money to for education assistants to support students with a disability. There's also more money for new schools and more fee-free TAFE courses. The government is keen to expand WA's manufacturing capability, dreaming up a Made in WA campaign to this end. It wants the next generation of electric buses and ferries to be built in WA, along with solar batteries, transmission towers and other electricity infrastructure. They expect its $13.8 billion port, rail, road and transport infrastructure package to create thousands of jobs. Unemployment is already the lowest in the nation at 3.4 per cent, and Premier Roger Cook has been keen to tout the more than 300,000 jobs created since Labor took office in 2017. The premier says the aim is "make more things in WA" and diversify the economy so the state is better shielded from international instability, weakening demand for its resources and the fall out from trade wars. He said it would allow the state to become a "renewable energy powerhouse and successfully navigate the global uncertainty we now face". As promised, there's $217 million to develop what the government is calling a "multi-use community, entertainment and sporting precinct" at Burswood. It's downplaying the racing car aspect — but the budget papers leave little room for doubt that it's full steam ahead for the controversial project. Other community endeavours include $30 million to upgrade women's sporting facilities — mostly change rooms at local sports grounds — and $60 million for an NRL team. It's a pet peeve for the opposition leader — Basil Zempilas coined the ''Rita's racetrack and Roger's rugby team" taunts during the election campaign — and he's not taking his foot off the gas today.
News.com.au
2 days ago
- Business
- News.com.au
Another ‘tough day' for mining sector as market slumps on Thursday
Sky News Business Reporter Edward Boyd says the mining sector experienced 'another tough day' due to a continued slide in the iron ore price. 'The commodity is falling due to weaker than expected steel demand in China, which is obviously the world's largest consumer of iron ore,' Mr Boyd said. 'The utilities sector was weaker today too, along with tech stocks.' The ASX 200 finished down 0.09 per cent on Thursday.
