Australia is the world’s largest producer and a major exporter of iron ore. One of the critical components of construction and infrastructure industry steel is made from iron ore. Prices of iron ore have fallen to $90 per ton as of early December due to reduced demand from China. Further price declines are expected. As a result, though Australia’s export volumes is projected to increase in the future the overall earnings from export will actually fall with further declines in prices.
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Source: Resources and Energy Quarterly December 2021, Department of Industry, Science, Energy and Resources, Australian Government
