China to blame for iron ore price crash

Chinese steel production curbs, which has resulted in a sharp fall in iron ore prices, is Beijing’s way of “getting even” with Australia over it’s AUKUS security pact, according to Founder of the Switzer Report Peter Switzer.

Mr Switzer explained China’s reasons for delaying its steel output.

“China’s putting up probably one, or maybe two reasons, one is that ahead of the climate change conference in Glasgow, they want to look as if they’re making a big commitment to the environment,” Mr Switzer told Sky News Australia.

“Then you got the Winter Olympics in February, they want to clean up Beijing’s and China’s air for the arrival of the athletes.

“But at the core of it is getting even because of this AUKUS, the US, UK, and Australia security pact, which clearly is designed to offset Beijing flexing its muscle in the region.”

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