China stepping up search for alternatives to Australiahttps://www.tsxvresearch.com/china-iron-ore-alt-penny-stocks/
Some may argue this is because of reducing demand, however this is not the case as their imports from other sources has increased. Per data from Indias Department of Commerce, its exports of ore to China in July surged 53.18 percent year-on-year. Also, China imported 17.7 million tons of iron ore from Brazil in July, more than double the 7.7 million recorded in the previous month, Reuters reported. With COVID-19 coming under control, China has been speeding up its economic recovery and there is increasing demand for resources and raw materials. This is not a minor event. China and India are not typically friendly, and have had military encounters in the past leading to conflict. In fact there is an on-going situation between the two countries right now. Surely if theyre importing from a country theyre having a military face-off with then they must be very serious about finding alternatives to Australia.