Australia's iron ore export revenue from China reached a record high of US $10.9 billion in October.

SMM11: iron ore exports reached an all-time high of US $10.9 billion last month, according to figures released by the Australian Bureau of Statistics. Demand for the steelmaking commodity is so strong that Australian iron ore exports to China hit a record high in October. In October, China bought 80% of Australia's iron ore, far more than Japan and South Korea.

Australia is one of the few iron ore exporters in the world, and Brazil's iron ore export capacity has been declining since the collapse of Vale's tailings dam in January last year. Simandou Iron Mine in Guinea has not yet produced iron ore, making the Pilbara region of Western Australia a major source of iron ore to China.