Australia iron ore exports increased 4% in October

By Carolina Curiel (ScrapMonster Author)

December 22, 2015 06:57:29 AM

CANBERRA (Scrap Monster): According to most recent data released by the Australian Bureau of Statistics, the country’s iron ore export volumes jumped higher during the month of October this year.

The Australian iron ore exports totaled 66.089 million tons during the month. This is nearly 3.8% higher when compared with the exports during corresponding month the previous year. The country had exported 63.670 million tons of iron ore during October 2014. The average export price during the month tumbled by over 30% to $46 per ton when matched with the previous year.

During October this year, the largest export destination of iron ore exports from Australia was China. The Australian iron ore exports to China totaled 52.386 million tons, accounting for nearly 80% of the total Australian exports. The second largest importer of Australian iron ore was Japan. Japan imported 7.049 million tons of iron ore from Australia. The other key importers of Australian iron ore were Korea (4.865 million tons) and Taiwan (1.289 million tons).

The cumulative iron ore exports by Australia totaled 6.348 billion tons during the initial ten-month period of the year. The Jan-Oct ’15 iron ore exports by the country were up nearly 7.5% year-on-year. Australia had exported 5.905 billion tons of iron ore during Jan-Oct ’14.