Value of iron ore imports to China by major country of origin 2020. In 2020, Australia was China’s largest supplier of iron ore by a significant margin, accounting for around 70.8 billion U.S. dollars worth of imports to China.
How much of China’s iron ore is from 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.
Does China import iron ore from Australia?
Total volumes were 97.5 million tons. It was also a record month for the value of China’s overall imports from Australia, with much of that likely coming from shipments of the red dirt. The detailed breakdown will be released later this month, but Australian miners typically supply more than 60% of China’s demand.
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.
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 is China doing with Australia’s iron ore?
Tokyo | China will boost domestic iron ore production by 30 per cent, significantly ramp up investments in overseas mines and strengthen scrap steel recycling under a plan designed to break Beijing’s dependency on Australia’s most valuable commodity export.
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.”
What countries does Australia export iron ore to?
In financial year 2021, the value of iron ore exported from Australia to China amounted to around 126.8 billion Australian dollars. China was by far the leading export destination for Australian iron ore in terms of value in this time.
Does China have its own iron ore?
As the largest country in terms of steel output and exports, China’s demand for iron ore has been strong. 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 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.
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.
Why does Australia export iron ore to China?
While the headline numbers show a jump in exports, the rise is attributed mostly to iron ore — a commodity for which China is heavily dependent on Australia. “Record-high iron ore prices and strong demand for steel-making inputs in China accounts for much of this strength,” Langcake said.