Fears for Australia’s economy amid China iron ore dispute #china #news #australia #economy

This iron ore report has sent panic through Australia, and if it’s legit, our economy could be in trouble.

The report claimed the Chinese government had ordered its steel companies to temporarily stop buying new cargoes from BHP, which is Australia’s largest mining company.

Now we don’t know how long “temporary” means. We don’t know if that means temporary on the way to being permanent. We also don’t know how legitimate this is — analysts say there’s a chance China is bluffing in the hopes that Australia will bring down its prices.

But either way, it’s a worry. See, with iron ore prices falling, BHP had already recorded its lowest profit in five years.

And the bigger issue is what this move represents: China no longer relies on us the way it used to.

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