That would be potentially devastating for the Australian economy, as China is still currently buying huge amounts of Australian iron ore. … Over 2020, China bought 81 per cent of all the iron ore Australia shipped overseas.
Is China stockpiling Australian iron ore?
Chinese demand for Australian iron ore will add up to $20 billion to Tuesday’s federal budget as importers stockpile the critical resource fearing further deterioration of the diplomatic relationship between the two nations – which is in turn sending prices to record heights.
Is China still importing iron ore?
By value, however, the amount of iron ore China has imported for the first eight months of the year was more than 80 per cent higher, reflecting a period of record commodity prices. China’s iron ore imports for the first eight months of 2021 were worth $US133. 06 billion ($179.25 billion), compared with $US72.
What percentage of Australian iron ore is sold to China?
According to global financial services firm UBS, China buys about 70 per cent of the iron ore Australia exports, which in turn makes up about 60 per cent of all the iron ore China imports.
How much of Australia’s 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 long until Australia runs out of iron ore?
Aussie diamonds would be exhausted within eight years at current production rates. We had only 18 to 33 years for mineral sands, 32 years for nickel, 22 years for gold and 19 years for iron ore.
What would happen if China stopped buying 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.”
Where else can China get its iron ore?
However, China depends heavily on iron ore imports, with around 80 percent of iron ore resources coming from abroad. About 60 percent of China’s iron ore resources come from Australia and 20 percent from Brazil.
How long will Australia’s iron ore reserves last?
The report estimated that the average remaining resource life for major Pilbara producers at 65 years, with Australia boasting an estimated 70 billion tonnes of JORC compliant iron ore resources remaining.
How much of Australian exports go to China?
In the 2018-2019 fiscal year, China took in about 32.6% of all Australian exports — that is about 153.2 billion Australian dollars ($116.79 billion). By far the largest export was iron ore.
Who will buy Australian iron ore?
China’s still buying huge amounts of Australian iron ore, and in the first five months of the year snapped up 444.9 million tonnes. Over 2020, China bought 81 per cent of all the iron ore Australia shipped overseas.
Who is the biggest iron ore producer in Australia?
The companies holding the largest market share in the Iron Ore Mining in Australia industry include Rio Tinto Plc – Rio Tinto Limited, BHP Group Limited, Fortescue Metals Group Limited and Hancock Prospecting Pty Limited.
How much iron ore do we sell to China?
China accounted for about 85 per cent of the $17.6 billion in iron ore exported, the value of which was bolstered by supply constraints pushing the spot price to record highs above $US200 ($271) per tonne.