The Buzzing Trends || Why Are Iron Ore Prices Volatile Of Late?

You’re watching Kalkine Media live from Sydney. This is The Buzzing Trends show. Lets get started with today’s important news that could impact markets.

• Iron ore prices have been on a dramatic journey starting the second half of the last year. The prices reached a record high of US$237.57 per tonne on 12 May 2021. This rally could be attributed to a robust demand in Chinese steelmaking industries post China’s Labour Day holiday.

• Global steel output increased by nearly 7.5% during the last 12 months with a substantial 24% surge in the current year.

• G7 nations, the Group of seven top advanced economies, are further closer to an accord on Global Taxation of Multinationals.

• Aristocrat leisure, an Australian based gambling machine manufacturer, having headquarters in Sydney, is up by 1.11% and is trading at AU$ 41.15 on 25 May 2021, AEST at 12:06 pm after Citi and Goldman Sachs upgraded the company.

• The company expects profit to range between AU$ 81 million to AU$ 83 million representing an increase of 25.6% to 31.2%, similarly EBITDA margin will be between 16.5% to 17.5%, up from 15.5%. 

• The Plenti Group stated that its loan originations surged 64% on-year to $470 million, while the loan book hit $615 million, up 61% on-year in the financial year 2021.

• Digital currency seems to be regaining ground lost during the weekend panic selling sparked by renewed signs of a Chinese crackdown on the mining and trading of Bitcoin.  

• Bitcoin was last up 12.8% to approximately US$39,210, erasing all the losses from a day earlier. 



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