Will China stop Australian iron ore?
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Will China stop Australian iron ore?
China slashes steel exports to Australia by 50 per cent to ‘wean’ itself off nation’s iron ore industry. In a sign of things to come, China has cut one export to Australia by more than half in what will be a devastating blow for a key Aussie industry.
Why does Australia export iron ore to China?
While the headline numbers show a jump in exports, the rise is attributed mostly to iron ore — a commodity for which China is heavily dependent on Australia. “Record-high iron ore prices and strong demand for steel-making inputs in China accounts for much of this strength,” Langcake said.
What percentage of Australian iron ore is sold to China?
According to global financial services firm UBS, China buys about 70 per cent of the iron ore Australia exports, which in turn makes up about 60 per cent of all the iron ore China imports.
Who does Australia export the most iron ore to?
China
In financial year 2021, the value of iron ore exported from Australia to China amounted to around 126.8 billion Australian dollars. China was by far the leading export destination for Australian iron ore in terms of value in this time.
What percentage of Australian iron ore goes to China?
China accounted for 82 per cent of Western Australia’s iron ore exports in 2016-17, followed by Japan (9 per cent), Korea (6 per cent) and Taiwan (2 per cent). China rose 5 per cent to 666 million tonnes.
What percentage of Australia iron ore goes to China?
How much does Australia export iron ore to China?
This iron ore trade, almost exclusively, has pushed Australia’s merchandise exports to a record $39.2 billion. The figures show overall exports to China increased 16 per cent, driven almost entirely by the $2 billion lift in iron ore shipments and a 28 per cent increase in meat.
How many years of iron ore does Australia have left?
The report estimated that the average remaining resource life for major Pilbara producers at 65 years, with Australia boasting an estimated 70 billion tonnes of JORC compliant iron ore resources remaining.