In May 2024, Australia's iron ore exports increased by 8% compared to April to 74.6 million tonnes. This recovery followed a five-year low in February 2024, caused by unfavourable weather conditions in January that affected production and logistics.
Export growth was particularly notable to Southeast Asia, which has seen a significant improvement in steel production. Indonesia and Vietnam are planning further increases in production and capacity expansion, while India is increasing imports due to higher logistics costs for domestic raw materials.
Exports to China, the largest consumer of Australian iron ore, totalled 291 million tonnes in the first five months of 2024, up 1% year-on-year. In May, volumes rose 8% from April to 62.8 million tonnes.
South Korea and Japan imported 19.3 million tonnes (-4.9% y/y) and 20 million tonnes (+1.6% y/y) respectively from Australia during the period.
Among the largest iron ore exporters from Australia, Rio Tinto tops the list with shipments of 118.6 million tonnes (-4% YoY), while BHP and FMG shipped 113 million tonnes and 80.5 million tonnes respectively.
The Australian market is expected to remain volatile in the coming months due to the approaching rainy season, which could lead to a reduction in iron ore exports.
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