Tuesday, September 21,
Australian Iron ore exports is forecasted to rise 6% year on year to 414 million MT in the July 2010-June 2011 fiscal year, the Australian Bureau of Agriculture and Resource Economics – Bureau of Rural Sciences said in a report on Tuesday.
As per the forecast, capacity expansion in the world-scale Pilbara region of Western Australia and higher global prices will underpin a 55% year-on-year hike in export earnings to A$53 billion.
Growth in global demand for steel and raw materials such as Iron ore and metallurgical coal is expected to continue in the short term, but at a slower rate than in the first half of 2010, the bureau said.
It is also forecasted that the country’s metallurgical coal exports will rise by 6% to 167 million MT in fiscal 2011 and that, the combined effect of higher volumes and higher contract prices, would underpin a 41% hike in exports earnings in the year to A$35 billion ($33 billion).
Leave a Reply