SMM7, 1st March: Australia's iron ore exports may fall for the first time in nearly 20 years due to bad weather and falling production this year, adding to global concerns about iron ore supply, according to a research report released Monday by (Department of Industry, Innovation and Science), the Australian Department of Industrial Innovation and Science, which said that due to bad weather and falling production and other reasons this year, Australia's iron ore exports may fall for the first time in nearly 20 years.
Superimposed by rising demand for iron ore from China's steel capacity expansion, iron ore prices have been pushed to a five-year high of $100 a tonne. It also brought Australia's iron ore exports to $55 billion in fiscal year 2020.
Australia exported 835 million tons of iron ore last year.
At the end of March this year, located in Australia, the world's largest iron ore export port-Port Hedland was affected by tropical cyclone Veronica, the normal operation of the port has been affected to some extent.
Since then, Rio Tinto (Rio Tinto Group) and Billiton (BHP Group) have cut their production targets for this year. Rio Tinto cut its iron ore production target for this year again in June because of operational problems in Western Australia.
So the department report expects the global supply of iron ore to be tight and the upward trend in prices to continue until at least 2021.
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