He used to be the treasurer but is now chairman of 9
Do you live under a rock?
Value Collector
Have courage, and be kind.
- Joined
- 13 January 2014
- Posts
- 12,014
- Reactions
- 8,290
Why would I care who the chairman of channel 9 is?
Well you knew Karl
Instead of stowing them under a bridge and expecting to be paid for it...
Value Collector
Have courage, and be kind.
- Joined
- 13 January 2014
- Posts
- 12,014
- Reactions
- 8,290
Barely, I don’t watch the show, I found the interview on YouTube.
but I am struggling to understand the relevance of why you are talking about Karl or Costello as if they some how take away from the what Forrest said.
I imagine Forrest chose Today because rut was probably the first place he could get a platform quickly given the reach of the show and the fact it airs first thing in the morning and he would have wanted to address the false claims as fast as possible.
he certainly wouldn’t have gone to a back water pamphlet like Crikey.
Value Collector
Have courage, and be kind.
- Joined
- 13 January 2014
- Posts
- 12,014
- Reactions
- 8,290
Nah, I read the financial review as a child, I had no interest in the local rag I delivered, would be better than Crikey though.
But the capital I got delivering that local rag has grown into an 8 figure investment portfolio in part due to Chinese economic growth helping Australia avoid recession for the last 20+ years.
Last edited:
Update that bloody microwave you tightarse.
Knowing you reading preference as a child I will now retreat to the General chat .........
- Joined
- 29 January 2006
- Posts
- 7,217
- Reactions
- 4,437
- Joined
- 29 January 2006
- Posts
- 7,217
- Reactions
- 4,437
Pivotal to China opening itself up to its own population, and to driving steel demand, is China's aim to add another 35000km of high speed rail to its network:
The tidbit of note in the video was mention of how China invested in infrastructure during the pandemic. They seem to have worked out that paying people not to work is not good for an economy.
Little wonder iron ore prices are holding up.
The tidbit of note in the video was mention of how China invested in infrastructure during the pandemic. They seem to have worked out that paying people not to work is not good for an economy.
Little wonder iron ore prices are holding up.
We do make a bloody good flat white though
- Joined
- 29 January 2006
- Posts
- 7,217
- Reactions
- 4,437
Steamroller operator?
- Joined
- 29 January 2006
- Posts
- 7,217
- Reactions
- 4,437
The Australian government has returned to the dark days of fostering a "yellow peril".
It almost beggars belief that with China slapping tariffs on a range of non-critical exports from Australia that we now risk further pettiness from them.
However, Morrison's government knows no bounds when it comes to ineptitude. The man is a trainwreck who is happy to live in the past and be extremely comfortable doing America's bidding.
Below is some perspective.
Australia's two-way trade with America is a quarter that of China and, significantly, is being massively outpaced by our trade with Asia as a whole:
So our alignment with America from an economic sense is not the brightest move.
In terms of export markets America is even less important:
It almost beggars belief that with China slapping tariffs on a range of non-critical exports from Australia that we now risk further pettiness from them.
However, Morrison's government knows no bounds when it comes to ineptitude. The man is a trainwreck who is happy to live in the past and be extremely comfortable doing America's bidding.
Below is some perspective.
Australia's two-way trade with America is a quarter that of China and, significantly, is being massively outpaced by our trade with Asia as a whole:
So our alignment with America from an economic sense is not the brightest move.
In terms of export markets America is even less important:
- Joined
- 28 May 2004
- Posts
- 10,834
- Reactions
- 5,178
After a good 45 minutes going through this thread, I have split off as many off-topic posts as I can into a separate thread titled China and The West: Political Systems Compared and Contrasted. Those who would like to continue that discussion can do so over there.
This thread has been re-titled, "China's Economy" so there can be no doubt as to its purpose. Moving forward, please keep all posts on-topic.
Thank you.
This thread has been re-titled, "China's Economy" so there can be no doubt as to its purpose. Moving forward, please keep all posts on-topic.
Thank you.
- Joined
- 3 July 2009
- Posts
- 27,047
- Reactions
- 23,587
China's dependence on Australia's iron ore, is becoming a problem for Chinese steel makers as the price just keeps soaring.
This article gives a good insight into the issue.
www.aspistrategist.org.au
from the article:
The iron ore price has been nudging close to a record US$200 a tonne, more than double the price of a year ago and three times the price expected by the Australian government when it compiled last year’s budget.
The price is delivering fabulous profits to Australian mines and is also boosting Australian government tax revenues. The cost of extracting iron ore is not much more than US$16 a tonne for BHP and Rio Tinto.
In any commodity market, the price is dictated by the highest-cost or marginal supplier. After making allowance for quality and transport, all suppliers of a commodity get the same price in an open market, regardless of what it costs to produce. So, the highest-cost producer is the one that would stop mining if the price were to fall, leaving the market short of supply.
In the iron ore market, the highest-cost producers are all Chinese. China normally takes around 70% of the seaborne trade in iron ore, or around 1 billion tonnes, but it relies on domestic production for a further 900 million tonnes.
However, around three-quarters of China’s domestic production needs a price of at least US$100 a tonne in order to operate, with some mines having much higher break-even thresholds than that. China’s iron ore reserves are low quality and require expensive heat treatment before they can be fed into steel mills. Production peaked at 1.5 billion tonnes in 2015, but has fallen because of the sector’s poor economics and government efforts to stop shallow strip mining, which is environmentally damaging.
While the high operating costs of China’s most marginal mines set a pricing floor, the market has been swept along by demand fuelled by government stimulus spending, both in China and across the world, in response to the Covid-19 pandemic, which has fired steel-hungry construction and consumer goods industries.
Australia has been supplying about 60% of world iron ore trade, with exports forecast to reach 900 million tonnes this year. China has been buying up what it can from wherever it can get it, including a doubling of its purchases from India. However, at around 30 million tonnes, India is only a marginal supplier.
China’s great hope is that Africa will provide some relief from its dependence on Australia. It is looking at projects in Algeria, Congo and Guinea, with the last the most advanced.
Analysts expect the Simandou project in Guinea, in which Rio Tinto has a stake alongside Chinese state-owned resources group Chinalco, will proceed, with a total cost of around US$20 billion. It is a large and high-grade orebody, although the infrastructure challenge of getting the ore to port is formidable.
China’s Global Times last week declared that ‘the exploitation of the Simandou mine in Guinea, with the participation of a Chinese company, is expected to help cut the heavy reliance on Australia for imports’.
However, the project, which has been stalled for more than a decade amid corruption claims and conflicts between the government and partners, would take several years to complete, and production in the initial phase is expected to be in the region of 100 million tonnes a year, or about two-thirds the output of Australia’s Fortescue Metals Group. It’s not a big enough project to materially transform the global iron ore market or to free China from its dependence on Australia.
This article gives a good insight into the issue.
No end in sight for China’s dependence on Australian iron ore | The Strategist
China’s steel industry is blaming the concentrated ownership of Australia’s iron ore mines for the soaring ore price and is calling for Chinese government intervention. ‘We believe that the supply side is highly concentrated and ...
The iron ore price has been nudging close to a record US$200 a tonne, more than double the price of a year ago and three times the price expected by the Australian government when it compiled last year’s budget.
The price is delivering fabulous profits to Australian mines and is also boosting Australian government tax revenues. The cost of extracting iron ore is not much more than US$16 a tonne for BHP and Rio Tinto.
In any commodity market, the price is dictated by the highest-cost or marginal supplier. After making allowance for quality and transport, all suppliers of a commodity get the same price in an open market, regardless of what it costs to produce. So, the highest-cost producer is the one that would stop mining if the price were to fall, leaving the market short of supply.
In the iron ore market, the highest-cost producers are all Chinese. China normally takes around 70% of the seaborne trade in iron ore, or around 1 billion tonnes, but it relies on domestic production for a further 900 million tonnes.
However, around three-quarters of China’s domestic production needs a price of at least US$100 a tonne in order to operate, with some mines having much higher break-even thresholds than that. China’s iron ore reserves are low quality and require expensive heat treatment before they can be fed into steel mills. Production peaked at 1.5 billion tonnes in 2015, but has fallen because of the sector’s poor economics and government efforts to stop shallow strip mining, which is environmentally damaging.
While the high operating costs of China’s most marginal mines set a pricing floor, the market has been swept along by demand fuelled by government stimulus spending, both in China and across the world, in response to the Covid-19 pandemic, which has fired steel-hungry construction and consumer goods industries.
Australia has been supplying about 60% of world iron ore trade, with exports forecast to reach 900 million tonnes this year. China has been buying up what it can from wherever it can get it, including a doubling of its purchases from India. However, at around 30 million tonnes, India is only a marginal supplier.
China’s great hope is that Africa will provide some relief from its dependence on Australia. It is looking at projects in Algeria, Congo and Guinea, with the last the most advanced.
Analysts expect the Simandou project in Guinea, in which Rio Tinto has a stake alongside Chinese state-owned resources group Chinalco, will proceed, with a total cost of around US$20 billion. It is a large and high-grade orebody, although the infrastructure challenge of getting the ore to port is formidable.
China’s Global Times last week declared that ‘the exploitation of the Simandou mine in Guinea, with the participation of a Chinese company, is expected to help cut the heavy reliance on Australia for imports’.
However, the project, which has been stalled for more than a decade amid corruption claims and conflicts between the government and partners, would take several years to complete, and production in the initial phase is expected to be in the region of 100 million tonnes a year, or about two-thirds the output of Australia’s Fortescue Metals Group. It’s not a big enough project to materially transform the global iron ore market or to free China from its dependence on Australia.
Last edited:
Arizona has jumped to the top of my interest with regard China today...
TSMC has announced a mushrooming of factories in the US state. There's no news of expansion in Taiwan that I'm aware of.
Outwardly that would appear as a stratigic relocation above and beyond investment.
Tiawan is going back to the 'middle kingdom' in the next decade or two 'Hot' or 'Cold', is my best guess; ...
If Field Marshal Dutton and his aid 'de' (really really) camp Pezzullo wish to bunker down in a sandbagged fox hole, all by them selves, on the beaches of Taipei; I wish them god speed and I'll chip in a $5 voucher for the Golbourn Disposal Store ...
Dutton has let his inner 'Dr Stangelove' off the leash; wishing his animals to be riased for... 'Shlaughter'
TSMC has announced a mushrooming of factories in the US state. There's no news of expansion in Taiwan that I'm aware of.
Outwardly that would appear as a stratigic relocation above and beyond investment.
Tiawan is going back to the 'middle kingdom' in the next decade or two 'Hot' or 'Cold', is my best guess; ...
If Field Marshal Dutton and his aid 'de' (really really) camp Pezzullo wish to bunker down in a sandbagged fox hole, all by them selves, on the beaches of Taipei; I wish them god speed and I'll chip in a $5 voucher for the Golbourn Disposal Store ...
Dutton has let his inner 'Dr Stangelove' off the leash; wishing his animals to be riased for... 'Shlaughter'
Garpal Gumnut
Ross Island Hotel
- Joined
- 2 January 2006
- Posts
- 13,344
- Reactions
- 9,450
I don't see China's economy contracting to the degree that Japan did two decades ago
It is difficult to predict how ASX stocks will be affected by the ongoing stoush with China.
Or which sectors.
That is what I am mulling atm.
gg
It is difficult to predict how ASX stocks will be affected by the ongoing stoush with China.
Or which sectors.
That is what I am mulling atm.
gg
- Joined
- 8 June 2008
- Posts
- 12,424
- Reactions
- 18,087
there is so much potential left local consumption wise:bigger flats, more stuff, cars ,clothes food and services.
When I left, young people were getting driving licenses..a comical experience for a westerner but next the cars will come
plenty left in the engine in my view, and then population fall will be replaced with automatisation, already going full speed with the japenese model to be copied
Similar threads
