Australian iron ore exports to China surged in the first half of the year, as demand from steel mills rose to supply Beijing’s infrastructure building push to boost the coronavirus-hit economy.
Iron ore exports from Australia to the rest of the world, though, remained weak, reflecting the sharp differences in the pace of the recovery in major economies from the damage done by the coronavirus pandemic.
But while Chinese demand for iron ore has improved progressively since it reopened its economy in May, Rio Tinto cautioned in its first half report that recovery in demand around the world, such as in Japan and Europe, has “yet to begin meaningfully and is likely to be subdued when it does”.
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