Industrial metal supplies have hit a snag in Australia as a glut of demand pushes up prices and forces the industry to ramp up production.
Key points:The industry has been in a freefall since the summer after the collapse of the metals sectorThe Government is now looking to shift resources away from the industryThe Federal Government has said it will consider changing the way the mining industry operatesThe industry is in a period of rapid decline, with the peak in production in the last quarter of last year.
While there has been a surge in demand for industrial metals, demand has slowed down sharply in recent months.
Industrial metal supply is crucial to the Australian economy, which relies on steel and aluminium to produce some of its steel and aluminum products.
It has been hit hard by the collapse in the prices of both metals and the sharp fall in the value of the Australian dollar.
The Federal government is looking to change the way it works with the mining sector by shifting resources away.
The Government said it was considering changing the rules for the mining and metal industries, which currently allow the companies to “opt-out” of a mining program.
But the change would be a major blow to the industry, which has been facing a glut for the last six months.
Key Points:Industrial metals supplies hit a problem in the summerThe industry’s peak production in April last year was 5,000 tonnes and the industry is currently down to about 2,000-3,000 kilograms of metal each monthSource: ABC News | Duration: 2min 22secTopics:mining-industry,industry-and-finance,energy,government-and/or-politics,mining-environmental-issues,australiaFirst posted October 15, 2018 17:38:51More stories from Australia