China’s CMRG targets greater control over iron ore price discovery
China’s state-backed China Mineral Resources Group (CMRG) is shifting from a centralised purchasing role to a potential force in global iron ore price formation, according to Wood Mackenzie’s latest research. Founded in July 2022 to centralise purchasing, negotiate prices, and manage strategic inventories, CMRG now aims to influence price discovery. It plans to do this ...
Scalpers in China are reducing the prices of Apple's latest iPhone Duo, a foldable smartphone, following mixed early reviews from consumers regarding durability and software issues. The device, which debuted in Shenzhen's Huaqiangbei electronics market, once commanded a premium of over 25,000 yuan, but a vendor named Shen has now cut the price by 2,800 yuan, bringing it down to 24,300 yuan. The market remains tight on inventory despite the price reductions, with many customers still seeking quotes.
On Idle Fish, China's largest second-hand trading platform, prices for the iPhone Duo dropped by 1,000 to 2,000 yuan compared to the opening weekend. Some base models even had a premium of just 300 yuan over the official retail price. The rapid decline in scalper premiums comes after strong initial demand when pre-orders opened on October 16, with the device selling out across Apple's official channels within minutes, pushing estimated delivery dates into early next year.
The foldable smartphone's initial popularity has slowed as early adopters have shared complaints about fragile hinges, screen fractures, and app compatibility issues. Despite these issues, Ivan Lam, a senior analyst at Counterpoint Research, stated that initial demand in China and globally matched expectations. However, Lam warned that enthusiasm would likely wane as early users received their devices.
He noted that Apple's high price point has already deterred potential buyers, and foldable smartphones remain a niche segment.
According to a report by research firm IDC, Apple is projected to ship 10 million iPhone Duos worldwide in its first 12 months, capturing 31% of the global foldable market this year and taking the lead in both shipment volume and revenue by next year. The main near-term challenge for Apple, according to Francisco Jeronimo, vice-president for worldwide client devices at IDC, is ensuring sufficient supply and reasonable delivery times, as production bottlenecks could lead to frustration among customers and a decline in early momentum.
Written by urgent.news from SCMP Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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