Economics
Australia to Boost Iron Ore Exports as Miners Expand Output
This article is for subscribers only.
Australia, the largest iron ore exporter, will ship more than previously forecast next year as miners including Rio Tinto Group and BHP Billiton Ltd. boost output, adding to global supplies and pressuring prices.
The country may ship a record 709 million metric tons in 2014, compared with 669 million tons predicted in September and 581 million tons in 2013, the Bureau of Resources and Energy Economics said in a report today. Spot prices will average $119 a ton next year from $126 a ton in 2013, it said, leaving its 2014 estimate unchanged. China will import 852 million tons in 2014, down from a previous projection for 872 million tons and compared with 793 million tons this year, the bureau said.