China Slowdown on Iron Ore and Copper Imports

Is the global economic slowdown finally slowing down China? It would seem that way if you look at the decline in imports of iron ore and copper in the month of June from Australia. If the trend continues the current boom to the Australian economy from iron ore and copper exported from Australia may take a hit over the next few months.

Both BHP Billiton and Rio Tinto will see a drop in their earnings for the second half of the year if the 9.1% fall in June from May is anything to go by. The markets may need to see both companies addressing the noticeable slowdown of Chinese iron imports.

Copper imports by China fell for the third consecutive month this June. Grave concerns are being raised over the demand of copper and the global economic recovery. The reduced orders are reflective of the first quarterly decline since 2008.

As per an analyst at Standard Chartered Bank the drop may attest to importers growing uneasy about the economic recovery and their expectation that the demand for the base metal will be reduced in the second half of the year.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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