China suspends economic dialogue with Australia
China has suspended its main economic talks with Australia in the latest blow to relations between the two trade partners.
China's top economic planning agency the NDRC announced the suspension of the talks today, following a move by the Australian government last month to end infrastructure agreements between a state government and Beijing.
"Based on the current attitude of the Australian Commonwealth Government toward China-Australia co-operation, the [NDRC] decides to indefinitely suspend all activities under the framework of the China-Australia Strategic Economic Dialogue," the NDRC said. The strategic dialogue mechanism is one of the main forums for economic talks between the two countries.
The decision adds to deteriorating trade relations between the two countries, which have all-but halted Australia's thermal and coking coal shipments to China. Beijing has also imposed tighter restrictions on other Australian exports to China, including wine and barley. Iron ore, by far the largest trade item, has so far been largely unaffected by the tensions.
The latest blow to relations was the Australian federal government's decision to cancel agreements reached between China and the Victorian state government under Beijing's Belt and Road Initiative (BRI). Those agreements were inconsistent with Australia's foreign policy and adverse to Canberra's foreign relations, the federal government said.
Canberra is also considering overturning the 2016 sale of Darwin Port in the Northern Territory to Chinese infrastructure and energy firm Landbridge. Around 2,500 US troops are stationed near the port, raising fears in Australia that China may use its ownership of the port to spy on military movements in Darwin, a key military base.
Australian thermal coal exports dropped to an eight-year low in March, official trade data showed this week, partly because there were no shipments to China for a third consecutive month amid the trade tensions.
China accounted for 35pc of Australia's total merchandise exports in March, or A$13.42bn ($10.37bn), according to the data.
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APLNG's Jan-Mar output higher: Origin
APLNG's Jan-Mar output higher: Origin
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Taiwan's scrap imports fall in March as demand slows
Taiwan's scrap imports fall in March as demand slows
Singapore, 30 April (Argus) — Taiwan's ferrous scrap imports fell on a year-on-year basis in March, as a slight rise in spot prices in January combined with slow domestic steel demand to discourage purchases. Taiwanese steel demand has weakened since the beginning of the year, market participants said. "Market fundamentals in 2023 were still okay, but slowed down in January as scrap buyers were unsure about the market post-Chinese new year," a trader said. Marginally higher spot scrap prices in January also suppressed buying appetite. The spot price for HMS 1/2 80:20 containerised scrap from the US west coast was as high as $380t/t on 17 January and was assessed at $375/t cfr by the end of that month. The higher spot prices encouraged steel mills and scrap buyers to take a wait-and-see approach. Loadings and delivery of containerised scrap bookings are usually made 8-10 weeks after an agreement is signed. Import volumes for the second quarter of 2024 are expected at steady-to-lower levels on seasonal weakness, market participants said. Production is likely to fall in the upcoming summer season because of electricity restrictions set by local authorities. A rise in electricity rates in April will also cap any upside in imported scrap prices and volumes, as mills are likely to reduce output by 20-40pc to curb their electricity use. Taiwan ferrous scrap imports t Country Mar % ± vs Feb % ± vs Mar'23 Jan-Mar % ± y-o-y US 121,298 49.29% 12.2% 323,030 5.74% Japan 44,316 -20.17% -56.7% 161,710 -23.04% Australia 15,942 60.69% -58.8% 37,850 -45.67% Dominican Republic 14,920 -15.05% 0.4% 48,878 -0.81% Others 76,671 40.31% 29.1% 198,780 25.86% Total 273,148 24.79% -15.6% 770,249 -2.81% Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Yara first-quarter gas consumption higher on year
Yara first-quarter gas consumption higher on year
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Service firms talk up long-term gas prospects
Service firms talk up long-term gas prospects
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