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news.com.au 23 Nov, 2021 13:45 am

Australia iron ore: Dwindling demand from China could be crippling

Australia iron ore: Dwindling demand from China could be crippling
Australia’s careful and sensitive diplomacy with China took a sharp turn in a new direction last year at the height of the Covid-19 pandemic.

That shift required huge amounts of steel, which is made from iron ore.Australia’s massive iron ore sector is of huge importance to the budget.China didn’t have access to high quality iron ore of its own or from existing trade partners, and needed an absolutely mammoth amount of it to meet skyrocketing demand.In the 2020-21 financial year, iron ore exports were overall worth about $149 billion, and much of that came from Beijing’s pocket.

Now, China accounts for more than 80 per cent of Australia’s exported iron ore.China buys 80 per cent of Australia’s exported iron ore.

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