How China's hard landing could expose Australia as a one-trick export pony hitched to one wagon
ABCWe'll never know for sure how he did it. It also would have lit the fuse on a debt time bomb that has engulfed other major developers and plunged China's $US5 trillion property sector into a crisis that threatens to spill over into the Middle Kingdom's financial system and the global economy. Since May, iron ore prices have slumped 60 per cent from then-record levels, as construction and infrastructure have tanked with prices for our most valuable export last week crashing below $US90 a tonne. As the US Federal Reserve noted last week: "Given the size of China's economy and financial system, as well as its extensive trade linkages with the rest of the world, financial stresses in China could strain global financial markets through a deterioration of risk sentiment, pose risks to global economic growth, and affect the United States." Scrap metal used for recycling steel is likely to play a much bigger role in the future as steel producers come under increasing pressure to reduce emissions, putting pressure on iron ore prices in the long term and, more importantly, coking coal that is used in the steel making process.
History of this topic
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