Latest news with #US100
News.com.au
7 hours ago
- Entertainment
- News.com.au
What Michael Jackson's Neverland looks like now
It was the sprawling estate Michael Jackson called a 'dream', named after a fictional island where Peter Pan lives. Since the music icon's death in 2009, many have wondered what has happened to his former home, Neverland. Over the years, the property has undergone significant changes. 'Big allure': Secret MJ homes reveal sad life What happened to Michael Jackson's Neverland? Jackson purchased the property, originally named Zaca Laderas Ranch, and later known as Sycamore Valley, in 1988. He had discovered the property after Beatle Paul McCartney had stayed there while they were making the music video for smash hit 'Say, Say, Say'. The King of Pop renamed the estate Neverland, a nod to Peter Pan, the boy who never grew up. The musician splashed $US35 million ($A53 million) transforming the estate into a Disney-style amusement park, installing a train station, merry-go-round, arcade and ferris wheel. The property also had a zoo filled with tigers, crocodiles, elephants, giraffes, orangutans and a bear. Neverland included a 1200 sqm residence, 50-seat movie theatre building, guest quarters, barn and a pool house. The six-bedroom, nine-bathroom home spans a massive 1170 sqm and features an expansive master suite with private loft and two master bedrooms, as well as three separate guest homes. Other luxurious features include two fireplaces, a butler's pantry, spa bath, sauna, and breathtaking mountain views. It is also a short 8km drive to the nearest town, and two hours from LA. Jackson resided at Neverland until 2005. After he was acquitted of child sex charges, he moved out of Neverland and relocated to Bahrain. He transferred the property to Sycamore Valley Ranch Company LLC in 2008 to cover debts he had run up. In 2015, the estate was renamed Sycamore Valley Ranch and put on the market for $US100 million ($A128 million). Who purchased the Neverland estate? After five years and numerous price cuts, the sprawling property finally found a buyer. Billionaire and friend of the late pop star Ron Burkle purchased the 2700-acre (1092Ha) estate for $US22 million ($A28 million). A spokesperson who had also served as Jackson's financial adviser told The New York Times that Burkle had viewed the home as an investment. There was initial speculation that the Neverland estate would be memorialised in Jackson's memory, much like Elvis Presley's Graceland home, but was placed on the market in 2016. The house was originally listed for $US100 million ($A128 million). and dropped to $US67million ($A102 million) the following year, The Sun reports. Renovations finally began after over a decade in 2021, and supervising planner, Errin Briggs, told SF Gate in February 2022: 'Our staff has been out to the site multiple times for about the last four to six months. 'We don't yet have any permit requests for new structures, but they've pulled permits for roofing, existing structures, electrical — pretty minor stuff, but we can confirm work is being done.' Burkle made his fortune by flipping large estates including the house used in the 1982 film, Blade Runner, in 2011. He purchased the property for $US4.5million ($A6.9 million) and in 2019 it sold for a whopping $US18million ($A27 million). Transformation of crumbling Neverland Ranch Back in 2023, photos emerged showing the transformation of Neverland Ranch as the on-property rides were resurrected. At the time, it appeared Burkle was resurrecting pieces of the property – including some of the aforementioned attractions. While the property reportedly fell into chaos after Jackson sold it, it appeared that work had been done to restore the grounds. The photos showed fairground stands that appear to have been reinstalled, along with a playground of sorts and teepees. A new attraction called 'Hook's Revenge', featuring a broken pirate ship with Captain Hook and his rival crocodile. The petting zoo that was formerly onsite also appeared to have been reinstated and the train station and train tracks have remained intact. Giant swimming pools that were previously drained appear to be refilled as well. Neverland featured in upcoming biopic Last year, the Neverland theme park was brought back to life for an upcoming Michael Jackson biopic. Fairground rides appear to have been repainted and the lush landscaping restored at the private amusement complex. Jackson's nephew Jaafar Jackson plays the late King of Pop in Antoine Fuqua's 'Michael,' slated for release in April 2026.
West Australian
7 days ago
- Business
- West Australian
Market ignores tariff noise as Iluka Resources emboldened by Uncle Sam's move to fix rare earths prices
Iluka Resources has yanked guidance for one of its mineral sands exports for the next quarter blaming tariffs, but is optimistic the Pentagon's recent swoop on a major rare earths miner bodes well for its own local ambitions. The listed miner recovered from a weaker quarter by delivering 150,000 tonnes of zircon and rutile from its Cataby operations in WA and the Jacinth-Ambrosia project in South Australia, it reported on Wednesday. But citing 'ongoing uncertainty and the broad range of potential outcomes on market dynamics', Iluka told investors it would not be providing guidance in terms of expected production, or pricing, for its zircon products. The commodity is among many caught up in sweeping tariffs imposed by the US and is set to be levied at 10 per cent from August 1, though Iluka noted that about 50 per cent of Uncle Sam's zircon imports come from South Africa. 'Titanium dioxide feedstocks and rare earth oxides remain exempt from tariffs,' Iluka said. Amid geopolitical tussles to secure rare earths supplies the United States Government bought more than $600 million worth of shares in California miner MP Materials, and inked an offtake to buy its product at a set minimum price. Iluka has long been pushing for rare earths prices 'independent pricing mechanisms that are not linked to the Asian Metals Index', in a bid to break China's stranglehold on the in-demand ingredient used in magnets for high-tech applications. And it told investors the agreed price of $US100 per kilo of rare earths products set between MP and the US Department of Defense was encouraging for its own rare earths refinery build at Eneabba. 'Iluka has previously provided a range of possible scenarios for utilisation of the Eneabba refinery at long-term forecast NdPr prices of $108/kg.' The group said locking in a price floor was 'an acknowledgement by the US government that higher prices for separated rare earth oxides are essential to building a sustainable Western and like-minded supply chain.' As part of its $1.65 billion funding deal with the Australian Government, the Eneabba rare earths refinery being built near Jurien Bay has strict restrictions imposed on future output being sold to China. So far $570 million has been spent on construction, with earthworks completed and concrete contractors making 'good progress'. Equipment has also started to arrive on site. Iluka shares closed the day up 4 per cent to $5.39.
The Advertiser
22-07-2025
- Health
- The Advertiser
Fifteen die of starvation in Gaza Strip, medics say
A six-week-old infant is among 15 people who have died of starvation in the Gaza Strip in the past 24 hours, local health officials say, with malnutrition killing Palestinians faster than at any point in the 21-month war. The family of the Gaza City child, Yousef, could not find baby formula to feed him, his uncle Adham al-Safadi said. "You can't get milk anywhere, and if you do find any it's $US100 for a tub," he said, looking at his dead nephew. Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis. Israeli forces have killed nearly 60,000 Palestinians in air strikes, shelling and shooting since launching their assault on the Gaza Strip in response to attacks on Israel by the Hamas militant group that killed 1200 people and captured 251 hostages in October 2023. For the first time since the war began, Palestinian officials say dozens are now also dying of hunger. The Gaza Strip's food stocks have run down since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups. At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks. Israel, which controls all supplies entering the strip, denies that it is responsible for shortages of food. Israel's military said that it "views the transfer of humanitarian aid into Gaza as a matter of utmost importance" and works to facilitate its entry in co-ordination with the international community. It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it. More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near distribution centres of a new US-backed aid organisation. The UN has rejected this system as inherently unsafe and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds. United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a "horror show". "We are seeing the last gasp of a humanitarian system built on humanitarian principles," Guterres told the UN Security Council. "That system is being denied the conditions to function." The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving. "Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left," its director Jan Egeland told Reuters. "Israel is not yielding. They just want to paralyse our work," he said. The head of the UN Palestinian refugee agency said on Tuesday that its staff as well as doctors and humanitarian workers were fainting on duty in the Gaza Strip due to hunger and exhaustion. European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were "unbearable" and urged Israel to deliver on pledges to improve the situation. On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses. "We haven't eaten for five days," said Mohammed Jundia. Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered the enclave over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed the Gaza Strip's population. "Hospitals are already overwhelmed by the number of casualties from gunfire. They can't provide much more help for hunger-related symptoms because of food and medicine shortages," said Khalil al-Deqran, a spokesperson for the health ministry. Deqran said 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said. Baby formula in particular is in critically short supply, according to aid groups, doctors and residents. A six-week-old infant is among 15 people who have died of starvation in the Gaza Strip in the past 24 hours, local health officials say, with malnutrition killing Palestinians faster than at any point in the 21-month war. The family of the Gaza City child, Yousef, could not find baby formula to feed him, his uncle Adham al-Safadi said. "You can't get milk anywhere, and if you do find any it's $US100 for a tub," he said, looking at his dead nephew. Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis. Israeli forces have killed nearly 60,000 Palestinians in air strikes, shelling and shooting since launching their assault on the Gaza Strip in response to attacks on Israel by the Hamas militant group that killed 1200 people and captured 251 hostages in October 2023. For the first time since the war began, Palestinian officials say dozens are now also dying of hunger. The Gaza Strip's food stocks have run down since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups. At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks. Israel, which controls all supplies entering the strip, denies that it is responsible for shortages of food. Israel's military said that it "views the transfer of humanitarian aid into Gaza as a matter of utmost importance" and works to facilitate its entry in co-ordination with the international community. It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it. More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near distribution centres of a new US-backed aid organisation. The UN has rejected this system as inherently unsafe and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds. United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a "horror show". "We are seeing the last gasp of a humanitarian system built on humanitarian principles," Guterres told the UN Security Council. "That system is being denied the conditions to function." The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving. "Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left," its director Jan Egeland told Reuters. "Israel is not yielding. They just want to paralyse our work," he said. The head of the UN Palestinian refugee agency said on Tuesday that its staff as well as doctors and humanitarian workers were fainting on duty in the Gaza Strip due to hunger and exhaustion. European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were "unbearable" and urged Israel to deliver on pledges to improve the situation. On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses. "We haven't eaten for five days," said Mohammed Jundia. Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered the enclave over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed the Gaza Strip's population. "Hospitals are already overwhelmed by the number of casualties from gunfire. They can't provide much more help for hunger-related symptoms because of food and medicine shortages," said Khalil al-Deqran, a spokesperson for the health ministry. Deqran said 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said. Baby formula in particular is in critically short supply, according to aid groups, doctors and residents. A six-week-old infant is among 15 people who have died of starvation in the Gaza Strip in the past 24 hours, local health officials say, with malnutrition killing Palestinians faster than at any point in the 21-month war. The family of the Gaza City child, Yousef, could not find baby formula to feed him, his uncle Adham al-Safadi said. "You can't get milk anywhere, and if you do find any it's $US100 for a tub," he said, looking at his dead nephew. Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis. Israeli forces have killed nearly 60,000 Palestinians in air strikes, shelling and shooting since launching their assault on the Gaza Strip in response to attacks on Israel by the Hamas militant group that killed 1200 people and captured 251 hostages in October 2023. For the first time since the war began, Palestinian officials say dozens are now also dying of hunger. The Gaza Strip's food stocks have run down since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups. At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks. Israel, which controls all supplies entering the strip, denies that it is responsible for shortages of food. Israel's military said that it "views the transfer of humanitarian aid into Gaza as a matter of utmost importance" and works to facilitate its entry in co-ordination with the international community. It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it. More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near distribution centres of a new US-backed aid organisation. The UN has rejected this system as inherently unsafe and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds. United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a "horror show". "We are seeing the last gasp of a humanitarian system built on humanitarian principles," Guterres told the UN Security Council. "That system is being denied the conditions to function." The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving. "Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left," its director Jan Egeland told Reuters. "Israel is not yielding. They just want to paralyse our work," he said. The head of the UN Palestinian refugee agency said on Tuesday that its staff as well as doctors and humanitarian workers were fainting on duty in the Gaza Strip due to hunger and exhaustion. European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were "unbearable" and urged Israel to deliver on pledges to improve the situation. On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses. "We haven't eaten for five days," said Mohammed Jundia. Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered the enclave over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed the Gaza Strip's population. "Hospitals are already overwhelmed by the number of casualties from gunfire. They can't provide much more help for hunger-related symptoms because of food and medicine shortages," said Khalil al-Deqran, a spokesperson for the health ministry. Deqran said 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said. Baby formula in particular is in critically short supply, according to aid groups, doctors and residents. A six-week-old infant is among 15 people who have died of starvation in the Gaza Strip in the past 24 hours, local health officials say, with malnutrition killing Palestinians faster than at any point in the 21-month war. The family of the Gaza City child, Yousef, could not find baby formula to feed him, his uncle Adham al-Safadi said. "You can't get milk anywhere, and if you do find any it's $US100 for a tub," he said, looking at his dead nephew. Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis. Israeli forces have killed nearly 60,000 Palestinians in air strikes, shelling and shooting since launching their assault on the Gaza Strip in response to attacks on Israel by the Hamas militant group that killed 1200 people and captured 251 hostages in October 2023. For the first time since the war began, Palestinian officials say dozens are now also dying of hunger. The Gaza Strip's food stocks have run down since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups. At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks. Israel, which controls all supplies entering the strip, denies that it is responsible for shortages of food. Israel's military said that it "views the transfer of humanitarian aid into Gaza as a matter of utmost importance" and works to facilitate its entry in co-ordination with the international community. It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it. More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near distribution centres of a new US-backed aid organisation. The UN has rejected this system as inherently unsafe and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds. United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a "horror show". "We are seeing the last gasp of a humanitarian system built on humanitarian principles," Guterres told the UN Security Council. "That system is being denied the conditions to function." The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving. "Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left," its director Jan Egeland told Reuters. "Israel is not yielding. They just want to paralyse our work," he said. The head of the UN Palestinian refugee agency said on Tuesday that its staff as well as doctors and humanitarian workers were fainting on duty in the Gaza Strip due to hunger and exhaustion. European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were "unbearable" and urged Israel to deliver on pledges to improve the situation. On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses. "We haven't eaten for five days," said Mohammed Jundia. Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered the enclave over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed the Gaza Strip's population. "Hospitals are already overwhelmed by the number of casualties from gunfire. They can't provide much more help for hunger-related symptoms because of food and medicine shortages," said Khalil al-Deqran, a spokesperson for the health ministry. Deqran said 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said. Baby formula in particular is in critically short supply, according to aid groups, doctors and residents.
Perth Now
22-07-2025
- Health
- Perth Now
Fifteen die of starvation in Gaza Strip, medics say
Israel says measures are needed to prevent aid from being diverted to militants in the Gaza Strip. (AP PHOTO) Israel says measures are needed to prevent aid from being diverted to militants in the Gaza Strip. (AP PHOTO) Credit: AAP A six-week-old infant is among 15 people who have died of starvation in the Gaza Strip in the past 24 hours, local health officials say, with malnutrition killing Palestinians faster than at any point in the 21-month war. The family of the Gaza City child, Yousef, could not find baby formula to feed him, his uncle Adham al-Safadi said. "You can't get milk anywhere, and if you do find any it's $US100 for a tub," he said, looking at his dead nephew. Three of the other Palestinians who died of hunger over the last day were also children, including 13-year-old Abdulhamid al-Ghalban, who died in a hospital in the southern city of Khan Younis. Israeli forces have killed nearly 60,000 Palestinians in air strikes, shelling and shooting since launching their assault on the Gaza Strip in response to attacks on Israel by the Hamas militant group that killed 1200 people and captured 251 hostages in October 2023. For the first time since the war began, Palestinian officials say dozens are now also dying of hunger. The Gaza Strip's food stocks have run down since Israel cut off all supplies to the territory in March and then lifted that blockade in May with new measures it says are needed to prevent aid from being diverted to militant groups. At least 101 people are known to have died of hunger during the conflict, according to Palestinian officials, including 80 children, most of them in just the last few weeks. Israel, which controls all supplies entering the strip, denies that it is responsible for shortages of food. Israel's military said that it "views the transfer of humanitarian aid into Gaza as a matter of utmost importance" and works to facilitate its entry in co-ordination with the international community. It has blamed the United Nations for failing to protect aid it says is stolen by Hamas and other militants. The fighters deny stealing it. More than 800 people have been killed in recent weeks trying to reach food, mostly in mass shootings by Israeli soldiers posted near distribution centres of a new US-backed aid organisation. The UN has rejected this system as inherently unsafe and a violation of humanitarian neutrality principles needed to ensure that distribution succeeds. United Nations Secretary-General Antonio Guterres called the situation for the 2.3 million residents of the Palestinian enclave a "horror show". "We are seeing the last gasp of a humanitarian system built on humanitarian principles," Guterres told the UN Security Council. "That system is being denied the conditions to function." The Norwegian Refugee Council, which supported hundreds of thousands of Gazans in the first year of the war, said its aid stocks were now depleted and some of its own staff were starving. "Our last tent, our last food parcel, our last relief items have been distributed. There is nothing left," its director Jan Egeland told Reuters. "Israel is not yielding. They just want to paralyse our work," he said. The head of the UN Palestinian refugee agency said on Tuesday that its staff as well as doctors and humanitarian workers were fainting on duty in the Gaza Strip due to hunger and exhaustion. European Commission President Ursula von der Leyen said on Tuesday that images of civilians killed during the distribution of aid were "unbearable" and urged Israel to deliver on pledges to improve the situation. On Tuesday, men and boys lugged sacks of flour past destroyed buildings and tarpaulins in Gaza City, grabbing what food they could from aid warehouses. "We haven't eaten for five days," said Mohammed Jundia. Israeli military statistics showed on Tuesday that an average of 146 trucks of aid per day had entered the enclave over the course of the war. The United States has said a minimum of 600 trucks per day are needed to feed the Gaza Strip's population. "Hospitals are already overwhelmed by the number of casualties from gunfire. They can't provide much more help for hunger-related symptoms because of food and medicine shortages," said Khalil al-Deqran, a spokesperson for the health ministry. Deqran said 600,000 people were suffering from malnutrition, including at least 60,000 pregnant women. Symptoms among those going hungry include dehydration and anaemia, he said. Baby formula in particular is in critically short supply, according to aid groups, doctors and residents.
West Australian
22-07-2025
- Business
- West Australian
BHP hits year-to-date share price peak as iron ore reaches $US105/t on China's big dam build and steel cuts
China's mega-dam build helped spark an iron ore price revival that has lifted shares in Australia's largest mining company to a 2025 high, but Beijing's clampdown on steel mill cannibalisation is stoking uncertainty. Iron ore futures in Singapore jumped $US1.60 per tonne on Tuesday to trade at $US105/t ($161) after leaping over the $US100/t ($153) barrier late last week. This benchmark price has now rallied 11 per cent since touching lows of $US92/t ($141) less than a month ago — defying predictions by local and international banks that the commodity's value drop would below $US90/t ($138) this year. Iron ore's recent price spike has been attributed to China starting construction on the world's biggest hydropower dam in Tibet. The dam, once complete, will reportedly generate the same amount of energy each year as the entire United Kingdom. The $255 billion infrastructure project requires significant volumes of steel and subsequently boosts demand for steel-making ingredient iron ore. Shares in Australia's major iron ore producers have recorded strong gains over the past few trading days and continued the ascent on Tuesday. Stock in BHP, Australia's biggest miner by market value, rose 2.6 per cent to $41.51 —its highest level since December. Rio Tinto finished up 3.4 per cent at $118.32 and Fortescue lifted 3.3 per cent to $17.81. But Commonwealth Bank analyst Vivek Dhar said the Tibet dam breaking ground was 'unlikely' the sole reason iron ore has rebounded beyond $US100/t. 'We continue to attribute most of the price increase to supply‑side reform in the steel sector,' he said. 'These reforms primarily aim to curb 'involution,' whereby intense competition and overcapacity has crushed margins across several industries.' Competition between China's steel mills has eaten into profit margins, jeopardising the steady supply of steel to the Asian powerhouse's key manufacturing and property sectors. This has led Beijing to intervene with orders limiting steel output across China. How this plays out for iron ore in the longer-term is difficult to predict, according to Mr Dhar. Mandated steel output cuts mean mill owners are usually willing to pay a premium for iron ore, but lower output means an iron ore oversupply could then emerge and drag the commodity's price down. Mr Dhar believes the oversupply scenario is likely. 'It is this logic that underpins our view that the recent rally in iron ore prices is unsustainable,' he said. 'It's worth noting that it is possible for supply‑side reform in China's steel sector to result in sustainably higher iron ore prices. We would need to see outdated and unused steel capacity exit the market.' Citi analyst Paul McTaggart echoed Mr Dhar's sentiment. 'Citi remains cautious on this iron ore rebound; steel production cuts in China should favour steel pricing rather than iron ore pricing,' Mr McTaggart told clients. 'However, for now the interest seems to lie with iron ore and its exposed equities.' Mr Dhar said CBA is predicting iron ore will fall to $US95/t by year's end. Australia's biggest bank had originally expected iron ore to sink to $US80/t this year.
