Australian iron ore exports increased

In March 2023, Australian mining companies' iron ore and pellet exports reached 70.83 million tons, a 14.2% increase from the previous month.

China received most of the iron ore exports, importing 59.88 million tons, which represents a 12% monthly increase. This increaase is due to Chinese steelmakers increasing their purchases of lower and medium-grade iron ore instead of high-quality grades. Japan and South Korea were also among the largest importers of Australian iron ore.

The iron ore market is uncertain due to China's plans to decrease steel production, unstable demand for final products, and increased supply from other countries. However, iron ore prices are expected to decrease to $90 per tonne by the end of 2023. The reasons for the decrease include increased supply from Brazil, India, Russia, and Ukraine and demand for iron ore falling below supply.