Asia-Pacific

Dec 24, 2012

All Australia wants for Christmas is stronger iron ore prices

Iron ore prices -- key to Australia's economic recovery -- hit a six-month high last week. But the days of 10% growth in China are over, as the country ramps up its own mining operations. Are the salad days of iron ore prices over?

Michael Sainsbury — Freelance correspondent in Asia and <em>Little Red Blog</em> Editor

Michael Sainsbury

Freelance correspondent in Asia and Little Red Blog Editor

Chinese demand for iron ore and the price of Australia’s biggest export — by some stretch — has been instrumental to our economy’s success these past four years as most of the rest of the western world has struggled. Last year Australia exported A$64.1 billion worth of the commodity, up 13% from the year before and from $5.3 billion in 2001.

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One thought on “All Australia wants for Christmas is stronger iron ore prices

  1. PaulM

    Price is one thing. Revenue (price times volume) is another. Having worked in the mining industry from ’87 to ’97, I well recall when iron ore sold for $20 per tonne. All those who say the mining boom is over should reflect on the expert dollar figures for iron ore, with 2001’s $5.3 billion as a bench mark. The salad days may be over, but we are still a long way from a limp lettuce.

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