China iron ore drive delivers $9bn boost

Original article by Geoff Chambers
The Australian – Page: 4 : 24-Jul-20

Finance Minister Mathias Cormann says the federal government has maintained "cautious and conservative assumptions" regarding the outlook for the iron ore price. The steel input is trading at around $US110 per tonne, but the government now expects it to be fetching $US55 a tonne by the end of 2020. It had forecast in December that the iron ore price would fall to $US55 by the end of June. Cormann stresses that the resources sector has been a major contributor to the domestic economy’s resilience during the coronavirus pandemic.


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