Latest news with #US104
AU Financial Review
22-07-2025
- Business
- AU Financial Review
China's mega dam sparks ‘flurry' of fresh iron ore trades
China's plan to build a mega dam in Tibet has revived hopes that Beijing is back targeting steel-intensive projects to drive growth, triggering a spike in iron ore trades as the market positions for more stimulus measures in the weeks ahead. As China's premier Li Qiang announced the country was proceeding with a 1.2 trillion yuan ($256.2 billion) hydropower project on the Yarlung Tsangpo river, futures in Singapore jumped as much as 4 per cent on Monday to a four-month high of $US104 a tonne.
West Australian
21-07-2025
- Business
- West Australian
China's $256b dam project in Tibet opens iron ore price floodgates
Iron ore and steel climbed to a four-month high, as China's plan for a mega dam in Tibet bolstered the outlook for demand. The steel-making ingredient jumped as much as 2.9 per cent in Singapore to approach $US104 a tonne on Monday, following a run of four weekly gains, while futures for reinforcement bar in Shanghai also surged to the highest level since March. On the London Metal Exchange, copper advanced. Premier Li Qiang launched construction of the 1.2 trillion yuan ($256.5 billion) hydropower project on the Yarlung Tsangpo river on Saturday. The initiative — which will consist of five cascade dams — promises to deliver a positive economic jolt for construction materials including metals, cement and glass. Iron ore is on course for the first monthly gain since January, as Beijing has continued a push to curb excess competition and overcapacity in the steel industry, fuelling expectations it could have positive impact on mill margins and lift raw-materials prices. The new dam project stands to benefit steelmakers, which have been grappling with a prolonged property crisis. The China Iron and Steel Association said on Friday it held a meeting with major steelmakers and the steel department chief at the industry ministry, at which participants vowed to step up efforts to curb so-called involution, a state of hyper-competition that hurts returns. China will also study setting up a new system to rein in overcapacity, the group said, without giving details. Iron ore surged 2.8 per cent to $US103.60/t at 10.45am in Singapore, while rebar and hot-rolled coil in Shanghai climbed more than 2 per cent. On the LME, copper was up 0.5 per cent to $US9830/t while zinc and aluminium also gained. Annie Lee
AU Financial Review
12-05-2025
- Business
- AU Financial Review
Investors ramp up crypto spree as bitcoin nears record
Australian investors have pounced on the plunge in bitcoin earlier this year and have been ramping up exposure to the cryptocurrency in a bold bet that could pay off handsomely with analysts tipping prices to hit $US200,000 this year. The world's largest digital asset crossed the key $US100,000 level last week for the first time since February. Bitcoin extended that rally on Monday to trade at $US104,110, just shy of its record of around $US109,000 on January 20 – the day US President Donald Trump was inaugurated.
