Prime Minister Anthony Albanese has travelled to China alongside top executives from BHP, Rio Tinto, Fortescue and Hancock Prospecting in a renewed effort to strengthen ties with the world’s largest steelmakers.
Albanese will lead a roundtable discussion with China’s biggest steelmakers, reaffirming the long-standing trade ties that have underpinned both nations’ economic growth.
“I’m pleased to be here for an important discussion between Australian iron ore miners and Chinese steelmakers,” Albanese told the roundtable.
“Australia and China’s iron ore and steel sector partnership has contributed to both countries’ economic development for decades.
“Australian miners are reliable and stable suppliers of iron ore, responsible for almost 60 per cent of China’s iron ore imports. That iron ore goes into Chinese steel production which accounts for over 50 per cent of global supply.”
The visit, coordinated by the Business Council of Australia, comes as iron ore futures surge on the back of speculation about potential Chinese policy support for the struggling property sector.
Iron ore futures on the Singapore Exchange rose to $US99.75 ($151.48) on Friday (the highest level since May), following unverified reports of a possible high-level meeting in Beijing.
ASX-listed iron ore stocks responded strongly. Mineral Resources has climbed more than 17 per cent in the past five days, while Fortescue has risen nearly five per cent, BHP has gained over five per cent, and Rio Tinto has lifted by over four per cent across the same timeframe.
Executives from BHP, Rio Tinto and Fortescue will also meet Chinese Premier Li Qiang during the visit, aiming to reinforce relations and Australia’s role as a reliable iron ore supplier.
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