Live ASX News Today
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11th Sep 01:36 AM AEST
Iron ore dips to 11-month lows on concerns of slow economic recovery
Iron ore price fall | Source: © Argus456 | Megapixl.com
Iron ore prices dipped to 11-month lows on Thursday on concerns of slow economic recovery due to rising cases of coronavirus.
- The prices for Iron Ore Fine China Import 63.5 percent grade tumbled below US$130 per tonne on Friday, the lowest since November 2020.
- The prices hit record-high levels in May 2021 to reach near US$230 per tonne on the back of higher demand in Chinese steel industries and tight supplies due to bad weather conditions.
- China is the biggest consumer of iron ore in the world that consumes more than half of the world’s iron ore for the manufacturing of steel.
- The demand in the country's steel industries is suffering due to production curbs, as a part of the country's goal to reduce carbon emission.
- Handan city became the latest region in the country to implement restrictions on steel production followed by Jiangsu, Fujian, Anhui, Shandong, Yunnan, and Jiangxi.
- Meanwhile, the port inventories of the base metal in China reached record high levels due to huge imports from Brazil and Australia.
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11th Sep 01:36 AM AEST
Argentina’s Millennial has received a superior offer from Genfeng’s rival for its takeover
Source: Copyright © 2021 Kalkine Media Pty Ltd
Argentina-focused lithium player, Millennial Lithium has got an acquisition offer from Ganfeng Lithium’s rival.
- Genfeng’s offer came under threat as Millennial thinks that the rival takeover offer is superior to its earlier agreement with the Chinese company.
- Genfeng is one of the leading lithium producers of the world that is used in the manufacturing of lithium-ion batteries. The company agreed in July to takeover Millennial for C$353 million.
- The demand for lithium has been increasing enormously, due to its robust demand and tight supplies.
- However, the Canada-based Millennial said in a filing on Wednesday that it has received an unsolicited non-binding proposal for takeover from a foreign-based lithium producer.
- Millennial has notified Genfeng of the superior offer. Genfeng has a matching period of 10 business days to propose an amendment.
- Genfeng has not yet revealed its plan to revise the offer.
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11th Sep 01:34 AM AEST
Never seen before Golden Gaytime baking products to be available in Coles and Woolworths shortly
Image: Representation of the entrance gate of Coles supermarket © Nilsversemann | Megapixl.com
Just like Santa delivers gifts on Christmas, here’s one ‘sweet’ to go through. For the first time ever, Streets announced transforming the iconic Golden Gaytime ice cream into a cake.
Yes! You heard that right. The mouthwatering toffee caramel flavour of the ice cream can now be relished not just in the form of a cake but also a brownie, brookie, and a mousse. So there is something for each one of the Australian residents.
To make this dreamy heavenly combination come to reality, Golden Gaytime has collaborated with Australian cake mixes, pancakes, and cookie expert Green’s Bakery. The amalgamation of the iconic flavour by Golden Gaytime and baking expertise by Green’s gives a new dimension to the final outcome.
However, it should also be kept in mind that the cake will come in a premix form, and one needs to bake it by self. But that is not supposed to cause trouble because the lockdown stuck Australian residents are always looking for something to do, a new hobby to pursue. Hence, a little mixing and baking would turn out to be a fun activity for them.
The initial prices revealed for each pack of Green’s Golden Gaytime baking products are worth AU$6. From 13 September and 18 October onwards, four varieties of Green’s Golden Gaytime cakes will be made available nationally at Coles and Woolworths supermarket, respectively.
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11th Sep 01:33 AM AEST
Agri demand is rising, but Australia might have used all farmable land
Image: A vineyard in Yarra Valley near Melbourne, Australia; © Alyssand | Megapixl.com
Australian Agri produce has reached record levels amidst COVID-19. Land value has been growing incredibly well, backed by rising commodity prices. The domestic and export demand for wheat is strong, and forecasts for global production are lower; it is all favourable for local producers. However, the supply of farmable land has reduced.
Australia might already be farming all the suitable land. A new ANZ report has predicted Australian agriculture to have reached 'peak land acreage'. 'Peak land acreage' depicts the maximum amount of land that can be planted to grow crops. There is a chance that Australia might be pretty close.
While it is an alarming sign, it does not mean that nation has reached a 'no land, no crops' situation. On the contrary, the ANZ report also predicts a production growth for pulses, including beans, chickpeas and lentils, backed by rising demand from the plant-based meat industry and export demand.
Most recent crop estimates show solid domestic grains production, and winter crop is expected to be above the 10-year average. The current monthly crop report of the Australian Bureau of Agricultural and Resource Economics predicts winter production to hit around 55 million tonnes. While Australia may have reached 'peak land acreage,' production will keep increasing with improved farmer yields.