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Past and future collide in iron ore mania
Speculators are pushing iron ore prices to silly levels. But beneath this, surging demand and Australiaâs stubbornly static supply are driving the market.
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Itâs not often bitcoin and iron ore appear in the same sentence, but the incredible rise in the spot price of the latter â iron ore is now up 20 per cent in a week â suggests they have at least one thing in common just now.
That is, speculators are pushing prices around, as they always do when a market runs as hot as this.
BHP boss Mike Henry doesnât see Chinaâs strong demand lasting over the long term. Â
The G7 foreign ministers of Canada, France, Germany, Italy, Japan, The United Kingdom and the United States, as well as the High Representative of the EU, have stated that they “are united in our condemnation of Russia’s continued actions to undermine Ukraine’s sovereignty, territorial integrity and independence.”
Before the fall of the Berlin Wall and the dissolution of the Soviet Union two years later, the Black Sea was an almost entirely Soviet-controlled body of water that was shared only with Turkey, which has since become the center of an East versus West divide.
At the time I wrote an editorial in the autumn 2014 edition of the Geostrategic Maritime Review, Crimea was occupied by Russian troops and military exercises involving 150,000 men on the Ukrainian border (40,000 on March 30, 2014), was seen as a direct response to the new Western-friendly government in Kiev after its signing of an Association Agreement with the EU on March 21, 2014, a move that came shortly a
Foreign Affairs Secretary Teodoro Locsin Jr. (File photo via PNA)
Locsin disclosed plans to pursue such amendment in the “trigger” mechanism of the defense pact between the Philippines and United States following the recent maritime incident in the West Philippine Sea.
At present, he noted that the US obligation under the MDT could be activated only by an attack on a Philippine “public vessel.”
“China should worry more. Trip over the wire it’s WW3. Will work to expand definition of trigger to include civilian passenger craft which is logical. It already includes cyber infrastructure which if monkeyed with is tantamount to an attack on the Metropolitan Philippines,” Locsin tweeted Saturday, April 9.
Foreign Affairs Secretary Teodoro Locsin Jr.
Locsin made a pitch to continue the negotiations after observing there has been “dilly-dallying” over the proposed code of conduct since the onset of the pandemic.
The country’s top diplomat made the statement after armed Chinese ships reportedly tried to intimidate a local vessel and chased it away from an area in the West Philippine Sea. The latest incident is now being investigated by defense authorities.
“This is why it is imperative for ASEAN (Association of Southeast Asian Nations) to adopt a Code of Conduct in the South China Sea whereby all parties, China included, accept restraints,” Locsin tweeted Friday, April 9.