The hidden numbers dragging down China's economy
Data from financial information provider Wind shows the total value of all land transactions in third-tier mainland Chinese cities, as ranked by population and economic development, fell 4 per cent to 362 billion yuan ($77 billion) in the first half of this year on the same period last year, despite a slight rise in sales for residential use.
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News.com.au
10 minutes ago
- News.com.au
Monsters of Rock: Whatcha gonna do when LITHIUMANIA runs wild on you
Lithiumania rises as spod prices hit three month high Rare earths stocks see valuations lift on NdPr price moves ASX 300 mining and metals index surges ~5% this week The reality TV stars of the early 2000s are beginning to go the way of the dodo, after Hulk Hogan joined Ozzy Osbourne on the celebrity obituary list overnight. Like most of the superstars of that era, the Hulkster has a spotty history. His electrifying personality put American pro wrestling on the global map, but he alienated peers and spent years effectively banished from public life for a racist slur. Yet, for better or worse, the slogans, theme songs and Rocky III will live on forever. None more so than Hulkamania, the enduring phrase that can be applied to pretty much any trend (if Heinrich Heine didn't get there first with Lizstomania which, of course, he did). So we're taking a tiny bit of ill-gotten inspiration from the big, morally dubious man, or Sofia Coppola's husband's four-piece Phoenix, for today's descent into LITHIUMANIA. Spodumene prices have made a radical comeback on a wave of mine closures in China where local authorities appear to be carrying out the CCP's will to trim competition that has driven heavy corporate losses outside integrated battery and car majors CATL and BYD. We're now at US$810/t, levels not seen since April, after spod followed a massive +8% rise in futures in the Chinese market yesterday. Incredible! At the close of trading today, the average #lithium carbonate futures price increased by 8.29% (the largest interday percentage change since 02/29/24), surpassing the average spot LC price by CNY 6,671 (the largest contango since 03/06/25). A boom in market sentiment! â€' Juan Carlos Zuleta (@jczuleta) July 24, 2025 Profit-taking has sucked some heat out of the local names, with Pilbara Minerals (ASX:PLS), Mineral Resources (ASX:MIN), IGO (ASX:IGO) and Liontown Resources (ASX:LTR) all down. But over the past month the gains have been promising. Liontown Resources (ASX:LTR) is up 37%, with IGO (ASX:IGO) +34%. Pilbara Minerals (ASX:PLS) has gained close to 50%, while Mineral Resources (ASX:MIN), also supported by a rising iron ore price, is close to 60% higher, bouncing off lows caused by weak lithium prices, balance sheet concerns and governance issues circling MD and founder Chris Ellison. Lithium carbonate prices also leapt up, according to PRA Fastmarkets, with the key battery chemical rising US$250/t to US$8800/t. We'll see if this holds up, but enthusiasm for the beaten down battery metals space is certainly returning. Rare earthers Now for rare earthers, another segment of the market where sentiment has been driving gains. NdPr prices have surged since the announcement of a deal between the Department of Defense and US miner and refiner MP Materials. The arbitrage between the US$110/kg price the US Government will offer the owner of the Mountain Pass mine and the Chinese benchmark (~US$60/kg before the news a fortnight ago) has begun to close. Yesterday saw a 6.4% move in Chinese markets to US$73.6/kg, US$65.12/kg with value added tax excluded. Analysts are more bullish now on the large rare earths stocks. Canaccord upgraded Iluka Resources (ASX:ILU) from hold to buy and lifted its price target from $4.40 to $5.85 a share this week, noting not only that mineral sands production of 150,000t for the June quarter was well ahead of consensus (130,000t), but also that the MP Materials deal had provided a price signal that de-risked its Eneabba rare earth refinery. "We have revised our modelling for JunQ actuals and revise our LT mineral sands pricing in line with consensus. Additionally, we have de-risked our Eneabba project NPV on an improved REE pricing outlook, the net impact seeing our SOTP-based target price increase to A$5.85/sh (from A$4.40/sh)," Canaccord's Reg Spencer and William Jones said. Iluka has spent ~$570m on construction so far at the $1.8bn Eneabba project, which is backed with a big fat government loan. Reporting its June quarter on Thursday, market leader Lynas (ASX:LYC) reported its first quarter producing more than 2000t of NdPr oxide, delivering 2080t (total 3212t), with first production also in the quarter of heavies terbium and dysprosium oxide. Sales receipts climbed from $124.6m to $152.7m and sales revenue rose 38% to $170.2m. At $60.2/kg, Lynas enjoyed its highest average selling price since the middle of 2022, though cash and short term deposits dropped from $268.9m to $166.4. Speaking to analysts yesterday, Lynas MD Amanda Lacaze was bullish on the MP Materials deal's potential to grow the rare earths market outside China. "I think that it has sent a clear message about the determination of the US government to rebuild this sector outside China. And that certainly has a couple of different benefits," she said. "One is it gives end users confidence to formulate material. I know that over many years, there have been end users who've said, well, gee, we need to invest in alternate technologies because of the supply chain risks associated with rare earths only coming from China. So I think we see a more vibrant and a more buoyant market, generally speaking. And I think that, that will underpin increasing -- increases in the price. "Can (NdPr) go above $110? Yes. And I think if you read the detail of the deal, that there would be an expectation from the US government that that is likely to happen because they've negotiated ... a share of any upside over the $110 as part of their agreement." Lacaze also attributed a recent run-up in prices to growing demand inside China, noting the Asian Metal price had gone up 12-13 bucks a keg in the past month. Canaccord moved from buy to hold to Lynas on valuation, but lifted its price target from $8.80 to $9.65 on improving market conditions. Lynas shares have lifted 18% in the past month to $10.70, while Iluka's have run a mad 57% to $5.46. There were a whole heap of gold stocks on the reporting roster this week as well. But ... we may just leave it for Gold Digger this afternoon to get stuck into them. The ASX 300 Metals and Mining index rose 4.96% over the past week. Which ASX 300 Resources stocks have impressed and depressed? Making gains Coronado Global Resources (ASX:CRN) (coal) +45.5% Patriot Battery Metals (ASX:PMT) (lithium) +38% Pantoro (ASX:PNR) (gold) +25.2% Pilbara Minerals (ASX:PLS) (lithium) +21.1% Eating losses Bellevue Gold (ASX:BGL) (gold) -4.4% Regis Resources (ASX:RRL) (gold) -4.2% Capricorn Metals (ASX:CMM) (gold) -3.3% Westgold Resources (ASX:WGX) (gold) -2.7% Coronado shares have lifted over the past week after The Australian reported Indian steelmaker JSW was close to nabbing a stake in its Curragh coal mine in Queensland, with cost control also improving in the debt-laden coal miner's recent quarterly. Shares mysteriously lifted over 17% on Friday. Patriot ran higher on both lithium's price run and the announcement of the world's largest pollucite hosted caesium resource at its Shaakichiuwaanaan project in Quebec. The project already contains North America's biggest hard rock lithium deposit. Pantoro produced 25,417oz, hitting the upper half of quarterly guidance for its Norseman gold mine. The project is finally producing real cash, with PNR building an additional $43.3m in cash and gold in the quarter on all in sustaining costs of $1991/oz, with EBITDA of $80.4m powering full year EBITDA to $196.4m. Guidance of 100-110,000oz at $1950-2250/oz has been set for FY26, with $55m of exploration – 250,000m of drilling including over salt lakes unexplored since Western Mining owned the ground in the 1990s – and $67m of growth capital on the cards. Iron ore prices have pulled the broader index higher, falling from recent highs of US$105/t to US$103.20/t in Singapore on Friday.
Sky News AU
3 hours ago
- Sky News AU
Reports TikTok threatening 'constitutional challenge' against Labor's social media ban, raising foreign influence concerns
Chinese-owned social media giant TikTok is understood to have threatened a constitutional challenge against the Albanese government's under-16s social media ban, raising concerns about the influence Beijing has on Australian lawmaking. Multiple sources familiar with the matter told that TikTok engaged high-profile barristers to confront Communications Minister Anika Wells threatening to blow up the entire child ban scheme with a constitutional challenge. TikTok denies this, telling 'no such threat has been made by TikTok'. It is understood the legal threat was linked to the implied freedom of political communication under the Australian Constitution. TikTok has been unhappy YouTube was given an exemption based on educational grounds, previously calling the carveout a 'sweetheart deal'. In response to the threat, Labor appears poised to either break a key promise and revoke YouTube's exemption, or change the policy more broadly to allow platforms such as TikTok to apply for exemptions. Minister Wells did not respond to detailed questions on the matter. Prime Minister Anthony Albanese and his frontbench are facing growing criticism from independent politicians that his government has failed on transparency pledges. If Minister Wells makes a significant policy change in line with TikTok's demands, it would raise serious concerns about Beijing's influence on Australia's domestic affairs. YouTube is banned altogether in China and the superpower is locked in a tech race with the US over AI and social media. The legal threat, and lobbying efforts by TikTok in general raises fresh questions about foreign influence over domestic policymaking and adds to debate about the government's transparency and handling of lobbyists. Secret TikTok meeting sparks transparency concerns recently revealed that Ms Wells' office held an 'introductory meeting' with TikTok shortly after she took over the communications portfolio in May 2025. That meeting took place around the same time that news broke the government had already decided it would strip YouTube's exemption from the social media restrictions. This was despite Prime Minister Anthony Albanese himself previously approving the exemption and lauding YouTube for its 'educational and health support' benefits. However, Minister Wells shrouded the lobbying process in secrecy, refusing to disclose who lobbied her, when, or what was discussed. Many crossbench politicians, including Centre Alliance MP Rebekha Sharkie, Australia's Voice senator Fatima Payman and One Nation leader Pauline Hanson argued against Ms Wells' ban. Ms Payman said the developments raised extremely important questions about the government's susceptibility to lobbyists and possibly the Chinese government. 'The antidote is transparency' Independent Senator David Pocock said the government's refusal to provide clarity on the issue was part of a wider transparency crisis. 'I think there should be far more transparency across the board,' Senator Pocock told reporters at a press conference about the Albanese government's lack of transparency. 'There's some real questions about how the age assurance is going to work (in the social media ban laws). 'One of my big concerns is that when there's a lack of information, when there is a vacuum, that gets filled with all sorts of misinformation. 'And the remedy to that, the antidote is actually provide people with information. Be more transparent.' Damning new research from the Centre for Public Integrity revealed that the Albanese government has the worst transparency record in more than a decade. The proportion of freedom of information requests fully complied with has sunk from about half in 2021-22 to just 25 per cent under the Albanese government in 2023-24. 'Labor talked a huge game in opposition about transparency—They've come in and been one of the worst governments since 1993,' Mr Pocock said. Greens Senator Steph Hodgins-May joined the criticism, calling the government's actions 'deeply concerning'. 'What is this government trying to hide? ... We need decisions to be made in the open, not behind closed doors.' Shift under pressure The Albanese government's apparent reversal on YouTube marks a significant policy shift from its earlier public stance. Prime Minister Anthony Albanese had previously defended YouTube's exemption, calling the platform vital for 'education and health support'. But in recent months, lobbying from TikTok and eSafety Commissioner Julie Inman Grant pushed the government toward including YouTube in the ban. YouTube educators Bounce Patrol said they were excluded from consultations by Ms Wells and her office. Creator Shannon Jones said she reached out to the minister's office to provide input but never received a reply. 'I reached out… but haven't heard back… Everything is just being done so fast, like it's all being considered and decided in the space of a week,' she told National security risks ignored The developments also appear to contradict advice from the 2023 Senate Select Committee on Foreign Interference through Social Media. The committee warned that TikTok and its parent company ByteDance posed 'unique national security risks' and could be a tool of foreign interference. Despite TikTok being banned from government devices, it continues to wield influence as a 'stakeholder' in legislation. Chinese Premier Li Qiang recently delivered a thinly veiled warning to Mr Albanese over treatment of Chinese businesses, like TikTok, in Australia. 'I trust Australia will treat Chinese enterprise fairly and properly resolve issues regarding market access and investment review,' he said. 'Economic globalisation has encountered headwinds. Trade frictions continue to increase. 'We hope that you will embrace openness and co-operation, no matter how the world changes. 'You should be promoters of economic and trade co-operation so that our two countries will better draw on each other's strengths and grow together.'
Sydney Morning Herald
3 hours ago
- Sydney Morning Herald
With no one to take over, Australia's oldest Chinese restaurant is closing
'We are getting old,' says Sai Yoke 'Sue' Wong, 74, who runs Toi Shan in Bendigo with her husband, Kok Hem 'Peter' Chee, 71. 'We have been wanting to retire for a long time. We looked for someone to take over, but no one has.' The couple will permanently close their restaurant in Bendigo's CBD on July 30. It will later reopen as an Indian restaurant. Toi Shan has been around since 1948, when Allan Chan took over On Loong cookshop and renamed it after the southern Chinese city he was born in, more commonly transliterated as Taishan. On Loong, however, dates back further, possibly to 1892. Its first iteration was on Bridge Street, in the heart of Bendigo's Chinatown, and it moved to the current location on Mitchell Street in 1942. The Chan family sold the business to Sue Wong's family in 2003. 'We've been here 20 years,' says Wong. 'It's a hard job with long hours. Staff are hard to find, and you don't make enough money to pay them anyway, so you work until midnight. One day it's busy, two days quiet, one day busy. It's hard for old guys.'
