Australia’s Iron Ore Exports to China up 18 Percent in First Quarter Despite Weak Prices

Mining Weekly reported that despite a major fall in the iron ore price, Australia’s iron exports to China increased by 18 percent in the first quarter of 2015, compared to Q1 2014.

As quoted in the market news:

The Department of Industry and Science revealed in its China Resources Quarterly (CRQ) report that Australia had exported 144-million tonnes of iron-ore to China during the first quarter. While volumes were up, iron-ore export earnings over the same period declined by 31 percent, to A$9.9-billion, following a 48 percent fall in the iron-ore price during that time.

As a whole, China imported 227-million tonnes of iron-ore in the first quarter of 2015, up by 2.3 percent on the first quarter of 2014. The CRQ showed that Australia’s market share of Chinese iron-ore imports increased from 53 percent in the first quarter of 2014, to 64 percent during the first quarter of 2015. The increase in Australia’s share came at the expense of minor producers.

The total value of China’s iron-ore imports fell by 44 percent during the first quarter, to $15.8-billion, as the falling price of iron-ore offset the effect of increased import volumes. The Department of Industry and Science reported that most commodity prices continued to decline in the first quarter.

Click here to read the full Mining Weekly report.