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China ‘desperately needs’ Australian iron ore

Sky News Business Editor Ross Greenwood says Australia right now economically is not feeling any impact from China’s trade bans because they desperately need our iron ore.

China imposed tariffs and bans on a multitude of Australian goods including wine, barley and beef.

“They’re (Australian exporters) finding other markets. Japan, Korea, Indonesia, Malaysia – areas in our region that want our goods and services,” Mr Greenwood said.

“The interesting part about this is it hasn’t had a big impact on our economy yet, those clampdowns by China.

“Mainly because the iron ore price, which they desperately need and can’t get anywhere else.”

Sky News Business Editor Ross Greenwood says Australia proper now economically is just not feeling any affect from China’s commerce bans as a result of they desperately want our iron ore.

China imposed tariffs and bans on a mess of Australian items together with wine, barley and beef.

“They’re (Australian exporters) finding other markets. Japan, Korea, Indonesia, Malaysia – areas in our region that want our goods and services,” Mr Greenwood stated.

“The fascinating half about that is it hasn’t had a huge impact on our financial system but, these clampdowns by China.

“Mainly because the iron ore price, which they desperately need and can’t get anywhere else.”

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