Question: Where Does Australian Iron Ore Go?

Can China replace Australian iron ore?

Adding up the potential alternative sources of iron ore, China could potentially replace 300 million to 350 million tonnes of Australian iron ore, but not in the short term.

And even then, it would be less than half of what Australia is now supplying..

Does Australia import iron ore?

Thanks to iron ore, Australia is China’s sixth-biggest source of imports, Department of Foreign Affairs and Trade statistics show. But Australia buys just 1.9% of China’s exports, making it the country’s 13th-biggest market.

Why does China need iron ore in Australia?

Australia has long been China’s go-to for iron ore, with Australia’s vast iron ore production and the proximity of the two countries making for a productive relationship. Australia is the largest source of feed for China’s steel mills, with around 60% of China’s iron ore imports originating from Australian mines.

What percentage of Australian iron ore goes to China?

China accounted for 82 per cent of Western Australia’s iron ore exports in 2016-17, followed by Japan (9 per cent), Korea (6 per cent) and Taiwan (2 per cent). China rose 5 per cent to 666 million tonnes.

How much iron ore does Australia have left?

How much iron is left in Australia? Australia currently has the world’s largest estimated reserves of iron ore at more than 52 billion tonnes. There’s an approximated 170 billion tonnes left in the earth, positioning Australia with a third of the world’s supply.

Can China survive without Australian iron ore?

“First, it would mean too big a disruption to the Chinese economy.” Iron ore imports from Australia are worth $85 billion annually, and so far, the agricultural imports hit by China’s tariffs and bans are worth just $6 billion, he said. “China would not be able to make up its iron ore needs from other sources.”

What is the iron ore price today?

Commodities newsCommodityLast price/ contractLow52-weekHighIron ore As of Jan 01 0001.176.35 USDToday 164.44Jan 04 2021164.44Jan 04 2021COMEX Gold As of Apr 23 2021 18:33 BST.1,777.10 USDToday 1,668.60Jun 05 20202,063.00Aug 06 2020Silver 5000oz As of Apr 23 2021 17:01 BST.26.06 USDToday 14.70May 04 202030.16Feb 01 20213 more rows

Who is the largest exporter of iron ore?

AustraliaAustralia, consistently the leading iron ore exporting country in the world, exported 887 million metric tons in 2018. On the other hand, China was the world’s largest importer of iron ore that year, accounting for a 65 percent share of the total global iron ore import volume.

Who is the biggest iron ore producer in Australia?

Western AustraliaWestern Australia is the largest iron ore producer and exporter in the world, accounting for 37 per cent of global production and 52 per cent of global seaborne exports in 2015. The Pilbara region accounted for 94 per cent of Australia’s iron ore production in 2015.

Who owns Baffinland Iron Mines?

The Energy and Minerals GroupBaffinland Iron Mines Corporation (Baffinland) is a Canadian mining company, mining iron ore at the Mary River operation in the Qikiqtani region of North Baffin, Nunavut, Canada. It is jointly owned by The Energy and Minerals Group and ArcelorMittal and operates a high-grade iron ore mine here.

Where can I find iron ore?

Currently magnetite iron ore is mined in Minnesota and Michigan in the U.S., Eastern Canada and Northern Sweden. Magnetite-bearing banded iron formation is currently mined extensively in Brazil, which exports significant quantities to Asia, and there is a nascent and large magnetite iron ore industry in Australia.

Where does Australia export iron ore to?

At full production, Australia expects Guinea to supply some 200 million tonnes of iron ore per year, or around 15 per cent to 20 per cent of current Western Australian production. Why is Egypt’s Suez Canal so important?

Who buys Australias iron ore?

ChinaDespite the Australia-China ties being at an all-time low, our monthly exports to China have hit a four-year high. Much of this is being driven by Chinese demand for Australian iron ore, which in the 2019 financial year represented a $102 billion contribution to the national economy.

Which country has the highest grade iron ore?

AustraliaAustralia is home to the largest reserves of iron ore worldwide, with an estimated 48 billion tonnes identified as of 2019. The majority of the country’s iron ore resources are located in the state of Western Australia, particularly the Pilbara region, with much of the remainder based in South Australia.

Who has the most iron ore?

ListRankCountryUsable iron ore production (thousand tonnes)World2,500,0001Australia930,0002Brazil480,0003China350,00035 more rows

Will we run out of iron ore?

We will never run out of iron too because it comprises 5% of all Earth Crust. However, currently only those ores that contain above 50% iron are economic. … We will not run out of glass at any point because it is made of sand which is silicon oxide, two of most common elements in Earth crust.

What is Australia’s biggest export?

Iron oresSearchable List of Australia’s Most Valuable Export ProductsRankAustralia’s Export ProductChange1Iron ores, concentrates+19.7%2Coal, solid fuels made from coal-26.9%3Petroleum gases-25.5%4Gold (unwrought)+7.6%6 more rows•Feb 15, 2021