According to Australian Bureau of Statistics statistics, Australia did not export any iron ore to India in 2022. This visit was aimed at reviving the iron ore trade between India and Australia. Australian mining companies Rio Tinto, BHP and Fortescue joined the tour to increase exports to India.
After exporting 9.43 million tons of iron ore in 2018 and 411,000 tons in 2021, Australia failed to export any iron ore to India in 2022, according to Australian Bureau of Statistics data.
Iron ore prices were trading at the highest level of $60-75/t cfr Qingdao in 2018, with an average of $160.06/t in 2021 and $120.41/ton in 2022.
In the past, Australian companies have sought to increase sales of iron ore to India, which is considered a significantly growing market for raw materials used in steelmaking, but have had difficulty competing with local suppliers and other suppliers.
Australia is a major metallurgical coal supplier to India, which has few local sources of coking coal and fewer alternative international suppliers.
India, which peaked at 54.25 million tons in 2021, imported 45.53 million tons of Australian coking coal in 2022. India has been Australia's main coking coal export market over the past decade.
China is seeking alternative sources of iron ore, particularly through investments in Africa, to reduce its dependence on Australian supplies. If effective, Australia will have to look for alternative markets, including India.
If successful, Australia will be less dependent on China, which has imported 84.4 percent of its iron ore exports in 2022 and 81.6 percent over the past decade.
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