Iron ore is set to make a record-breaking $149 billion from exports this financial year. Its price continues to flow.
The popular export prices crashed through the $US200 ($A263) tonne mark and extended a high of $US237 ($A312) a tonne on May 12. This marks a jump of 50 percent since the start of the year. During huge demand from China while Australia’s biggest competitor, Brazil struggled to export due to interruptions caused by Covid.
A raw material used for steelmaking, iron ore topped $100 billion last financial year, but with the boom in price, it is likely to push the total up by approximately 50 percent for 2020-21 compared to the previous year, revealed a government report.
Iron ore’s story is part of the bumper year with a huge $310 billion raked in from Australian exports from mining and energy, plus coal and copper, according to estimates from the Department of Industry, Science, Energy, and Resources. This beats a $296 billion prediction made in March, a rise of 5 percent.
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