Iron ore becomes Australia’s $100bn export industry

,

By Salomae Haselgrove| Australian Mining

Iron ore is the first Australian commodity to crack $100 billion in annual export value, according to the Australian Government’s latest Resources Energy Quarterly report.

Australian exports for the metal reached $101.7 billion in the 2019-20 financial year, smashing the previous annual export benchmark of $77.5 billion, which was also set by iron ore in the 2018-19 financial year.

The Resources Energy Quarterly specified that while iron ore is normally vulnerable during downturns, like the current global downturn brought about by the COVID-19 pandemic, it has been resilient in recent months.

The demand for Australian iron ore has been driven by China’s infrastructure boom, as well as a weaker Australian dollar, providing the Australian market with a lifeline during tough times…Full Story

Related Posts

, ,

Oil vs Water — Confessions of a carbon emitter

From ABC (Australian Broadcasting Corporation) Having just returned from visiting nearly 50 countries in four months, Dr Forrest says he’s seen a paradigm shift in global thinking. Sovereign leaders, business people, politicians, financiers and technology developers have developed a “genuine thirst” for a rapid shift to green energy. He argues Australia is perfectly placed to […]

, ,

China mulls lifting coal ban as Aussie trade war backfires big

By David Llewellyn-Smith | Macrobusiness Increasing noise on possible policy reversal: Shanghai Metals Market (SMM) reported yesterday that the Chinese government was in the preliminary stages of lifting its informal ban on Australian coal imports, but that such a move would still need to be approved by senior leaders. There has been no official comment on the […]