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Australia's iron ore export revenues would be around A$100 billionAccording to the Australian Ministry of Industry, Innovation and Science’s quarterly report, Australia’s iron ore export revenues would be around A$100 billion in fiscal year 2023-24, down from the A$121 billion projected for fiscal year 2022-23 due to increased production and stable prices. This decline stems from expectations of lower prices.

After iron ore prices fell to around $85/ton in November last year, spot market iron ore prices rose to an average of $115/ton in the January-March quarter of this year.

With the easing of China’s policy against Covid cases late last year, the country’s steel production is expected to recover this year, supporting iron ore demand in the first half of the year. The stability of China’s real estate sector will also influence overall demand for iron ore.

In addition, iron ore imports from Europe, East and Southeast Asia and the Middle East are expected to improve, while blast furnace steel production is expected to increase by about 6 percent.

According to the report, iron ore prices are expected to average $100/mt in 2023 and about $63/mt in 2028.

Australia's iron ore export revenues would be around A$100 billion

Imported Iron Ore euro/ton