In 2022, Australia's iron ore was not supplied to India, according to official data. The last peak for the country's iron ore supply was 9.43 million tons in 2018.
Australian mining giants BHP Group, Fortescue Metals Group and Rio Tinto want to increase iron ore exports to India for 2023. With increased iron ore exports to India, Australia will have the opportunity to decrease its dependence on China. However, the supply problems cause them to face strong competition.
The US investment bank Goldman Sachs estimates the price of iron ore for the second quarter of 2023 on average $150 per ton.
Comments
No comment yet.