【Ferro-alloys.com】Australia's high-priced iron ore concealed the fact that exports to China have fallen, showing a healthy state of paper. Australian media pointed out that the high price of iron ore concealed a nearly 40% drop in other exports to China. Just look at the well-known Australian mining group Rio Tinto, which announced that it will pay $9.1 billion in dividends, emphasizing the surge in earnings required for iron ore. They also announced a record half-year profit, exceeding the total profit for the entire year of 2020.
According to the media of News Corp Australia (News Corp Australia), although the trade between Australia and China looks quite healthy on paper, in fact, the high price of iron ore conceals the closeness of non-iron ore exports to China. A 40% drop. The report also warned that as the winds of geopolitical changes continue to blow across the Indo-Pacific region, the landscape of the region is evolving rapidly, not just Australia.
The British Financial Times mentioned that Australian miners benefited from the rapid recovery of China's economy and their profits soared 240% in the first half of the year to a record US$18 billion. Rio Tinto announced a record half-year profit, exceeding the total profit for the entire year of 2020, because the price of its main commodity iron ore hit a record high in the context of strong demand in China.