According to The Australian Financial Review, Fortescue chief executive Elizabeth Gaines says Chinese iron ore demand remains strong despite escalating pandemic lockdowns, as she raised her company’s export target and blamed the Western Australian government’s border policy for cost blow outs on the Iron Bridge project.
The growing outbreak in China sparked a big slump in iron ore and coking coal prices in the past week, but Ms Gaines said all the signals suggested steel mills were still operating and buying Australian raw materials.
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