Australia Cuts Iron Ore Revenue On Slowed Demand From China

Reuters reported Australia cut its revenue forecasts for the key steel making ingredient by a fifth on Tuesday, as a slowdown in top customer China drives down prices.

As quoted in the market news:

Resources exports shielded Australia from recession during the global financial crisis, thanks to on-going strong demand from China in particular as its population becomes wealthier and more urbanised.

But slowing Chinese growth and falling prices have led to concerns for Australia’s economy and prompted warnings that the mining industry’s ongoing expansion cannot be taken for granted.

Click here to read the full Reuters report.