Australia’s iron ore exports to hit record US$104 billion as global steelmaking recovers after coronavirus downturn

Australia expects to log a record A$136 billion (US$104 billion) from iron ore exports this financial year, as global steelmaking recovers after a coronavirus-led downturn, a government report showed on Monday.

Further out, gains from the export of new energy materials like copper, lithium and nickel are expected to offset lower contributions from thermal coal, according to the report by the Department of Industry.

Iron ore shipments are expected to rise from 900 million tonnes in 2020–21 to 1.1 billion tonnes by 2025–26, as the country expects to retain its dominant market share even as Brazilian supply recovers.