Australia Iron Ore Exports to China Cool, Compounding Price Drop
- Aussie may come under pressure, trade surpluses narrow further
- Rapid turnaround from iron ore above $200 earlier in the year
This article is for subscribers only.
Australia’s iron ore shipments to China are slowing just as a decline in prices of the key steel-making ingredient is taking hold, potentially weighing on the Aussie dollar and compressing future trade surpluses.
In volume terms, Chinese imports of iron ore fell 4.2% in October from a month earlier, government data showed Sunday. China is yet to provide a value breakdown, but a recent slump in prices -- down nearly 40% since August -- suggests this will be weaker as well.