Chinese bans on Oz products hasnt worked

[Redneck]

Great to see...fuck the slant eyed bastards

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A top US official has embarrassed China in a casual remark by pointing out that the Asian superpower’s revenge on Australia hasn’t gone according to plan.

For more than a year, the communist nation has imposed harsh trade restrictions on Australia in a move that it vowed would cause “economic pain”.

Iron ore, barley, beef, coal, copper, cotton, gas, lobster, sugar, timber, wheat, wine and wool have been targeted since relations between Australia and China soured in 2020, after Prime Minister Scott Morrison called for a probe into the origins of Covid-19.

Despite being embroiled in this trade war with China, who is Australia’s biggest importer, we still made record earnings – a fact which has not escaped the attention of US Secretary of State Antony Blinken.

On a visit to Melbourne on Thursday, Mr Blinken said to The Sydney Morning Herald and The Age: “I think China has lost more than Australia has in its efforts to squeeze Australia economically.”

He added that the CCP would surely be “thinking twice about this in the future”.

Last year was, ironically, Australia’s best 12 months for trade in the resources sector.

The latest Resources and Energy Quarterly report found that the Australian sector will hit $379 billion by the end of the 2021 financial year.

That’s a massive 22 per cent jump from last financial year’s $310 billion in earnings, which in itself was a record at the time.

At the time of the report coming out, the Department of Industry, Science, Energy and Resources attributed the industry’s unexpected success to high commodity prices due to a global energy shortage and a weaker Australian dollar.

Coal was the standout performer.

Not only has China's plan backfired at an economic level for Australia, but it’s also had an impact on the quality of life for Chinese citizens, too.

The communist country experienced rolling blackouts for several months but was unable to buy Aussie coal – which would have been an easy fix.

China imposed a coal ban in November 2020, wiping $1 billion off the Australian economy.

However, Australia bounced back quickly after finding alternate markets in India, Japan and South Korea, among others.

And even though more than two-thirds of China’s electricity comes from coal-fired plants, the nation refused to buy any Australian coal — officially, anyway.

Reports from September claim China was paying $595 a tonne for coal to come through a middle man, which is more than double what Australian coal producers were selling it for at the time.

That would also mean the demand from China is still there, buoying the prices and leading to such a great year for the Aussie sector.

The Australian Strategic Policy Institute estimated that China was screwing itself out of US$2 billion a week by paying for this premium price to receive the product through a third party.

“Every million tonnes of coal has recently been costing China’s steel mills more than US$400 million, compared with around US$250 million paid by steel mills everywhere else,” the Institute wrote.

“Since China’s mills use almost two million tonnes of coal every day, the premium it pays above coal costs in the rest of the world adds up to about US$2 billion a week.”

There were also reports of the same thing happening for wine, with the product finding a back way into China.

That said, China has made itself a nuisance to the Australian economy in recent days.

Earlier this week, a Chinese agency spooked iron ore companies around the world, causing a dramatic drop in iron ore prices, of which Australia is the world’s main producer.

China’s National Development and Reform Commission (NDRC) and the State Administration for Market Regulation accused iron ore information providers of fabricating prices in a bid to ramp up the commodity’s value.

“Related companies … should not fabricate or publish any false price information and should not drive up prices,” the statement said.

Bowing to the pressure, a Shanghai-based e-commerce company retracted an earlier release about iron ore shipments from Rio Tinto and Atlas, labelling it as unverified and “false information”, Reuters reported.

The perceived crackdown caused iron prices to plummet from a five-month high. Prices in Singapore went from a $153 per ton high on Tuesday to just $144 a ton.

https://www.news.com.au/finance/markets ... 636ecf2cad

[Black Orchid]

[sprintcyclist]

That is great news.

............. However, Australia bounced back quickly after finding alternate markets in India, Japan and South Korea, among others. ................

China may find it hard to regain those imports.
We might be quite happy selling to India, Japan and South Korea, and others.
Those new customers might be better to deal with than Chine WERE.
Sometimes it is not just the money. There may be trust, cultural differences and a past history to consider

[Redneck]

That is great news.

............. However, Australia bounced back quickly after finding alternate markets in India, Japan and South Korea, among others. ................

China may find it hard to regain those imports.
We might be quite happy selling to India, Japan and South Korea, and others.
Those new customers might be better to deal with than Chine WERE.
Sometimes it is not just the money. There may be trust, cultural differences and a past history to consider

I agree totally !