Singapore iron ore hits over 5-month high as China loan data lifts sentiment

Metals and electronics workers are seeking an 8% wage increase amid soaring inflation. 

The bottom line was boosted by a $2.35 billion financial gain related to unspecified foreign exchange rates, which largely masked weaker sales and rising costs.

Prices have fallen more than 50% from a peak in March. 

By discharging over 3 billion tonnes of carbon dioxide a year, the steel industry accounts for 7-9% of global greenhouse gas emissions.

Sumitomo wants to start making materials for a cheaper type of battery -- containing no nickel -- that’s poised for global popularity after storming the world’s top EV market, China.

The second-largest US steelmaker said Tuesday that it is being hit by higher input costs and maintenance activities, which led to adjusted earnings before items of $436 million in the third quarter, about 50% below analyst estimates.

Uninspiring economic data and a sliding Chinese yuan added to the bearish mood.

Treasurer Jim Chalmers said the boost to revenues from higher employment and commodity prices was likely to be "temporary".

Rather than selling all or part of it, the company is now looking to separate and ring-fence the copper and nickel unit from the iron ore business.