Iron ore has reached “unreasonable” levels that are hurting Chinese steel mills, according to China Mineral Resources Group, the state-backed firm trying to boost Beijing’s sway over prices, Bloomberg reported. Elevated costs are squeezing margins at steelmakers in the world’s top producer, Guo Bin, President of China Minerals, said at an event in Shanghai during the China International Import Expo. There needs to be more effort to “improve” pricing systems for raw materials, Guo said.

Australia’s sheep industry is in crisis, with prices near the lowest level in 16 years forcing some farmers in the country’s west to give their animals away for free to pet-food manufacturers, Bloomberg reported. Mutton prices have plunged 75% over the past year, according to Tim Jackson, global supply analyst at Meat & Livestock Australia. Sheep prices have also slumped, with older animals fetching an average of just A$34 ($22) in October and some reports of animals selling for less than a dollar a head, he said.

Persistently high interest rates are putting stress on corporate balance sheets and leaving increasing numbers of firms here and across the region at risk of bankruptcy, according to a new report and experts, The Star reported. The report noted that high interest rates have created an unfavorable borrowing environment, operational challenges and dented consumer spending. These have resulted in a broad-based increase in distressed companies, unlike previous cycles in Asia where the pain was concentrated in specific industries such as the shipping and oil sectors.

Lenders to India's Go First are not in favor of releasing additional funding to the grounded airline, given its legal troubles with lessors and complexities related to changes in the bankruptcy law, two banking sources told Reuters on Monday, Reuters reported. Go First's lenders, which include the Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank, had in principle approved funding of 4.50 billion rupees ($54.09 million) in June to resume operations and restart the airline.

Air New Zealand said on Tuesday that a change in the servicing schedule of RTX's Pratt & Whitney engines could significantly impact the airline's services for up to two years, Reuters reported. The carrier in October had flagged a nominal financial impact in the first half of 2024 related to the engine issue. Air New Zealand warned in September that the engine inspections would have a "significant" impact on its flight schedule from next year. The airline said on Tuesday it would pause flights connecting Auckland and Hobart from April 5 next year.

The National Company Law Tribunal (NCLT) has admitted Siti Broadband Services, a subsidiary of Essel Group-owned cable TV and broadband company Siti Networks, into the corporate insolvency resolution process following a plea by lender Aditya Birla Finance, msn.com reported. The NCLT has appointed Harvinder Singh as an interim resolution professional (IRP) for the company. Aditya Birla Finance moved NCLT following a default in payment of ₹4.38 crore by Siti Broadband.

China’s deflationary pressures just aren’t going away, underscoring the fragility of the economic recovery as 2023 enters the home stretch, Bloomberg News reported. Data due Thursday will likely show that Chinese consumer prices slid back into deflation in October, according to economists surveyed by Bloomberg. Producer prices also probably declined for a 13th consecutive month. Consumer costs have been stubbornly weak this year. The consumer price index slipped into deflation in July and has since been teetering on and off the edge of negative year-on-year growth.

India's biggest airline, IndiGo, said on Friday it would lease new planes and extend agreements on some older ones to offset the disruption from new problems with Pratt & Whitney engines, Reuters reported. Pratt & Whitney parent RTX said in July a rare powder metal defect could lead to the cracking of some engine components in the twin-engined Airbus A320neo, and called for accelerated inspections.

Japanese stocks have trounced their Chinese peers this year, but some investors are betting the tide is about to turn, Bloomberg reported. Headwinds are growing for Japanese equities, including deteriorating global growth and concern the era of yen weakness that has bolstered exporters’ earnings may be nearly over as the central bank comes under pressure to tighten policy. Conversely, optimism is building that Beijing’s efforts to bolster the economy and local equity markets will help end a slump that has made Chinese equities among the world’s worst performers this year.