Australia’s iron ore export to China sets new record in May – report

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(Kitco News) – The Australian Bureau of Statistics (ABS) today announced that exports of domestic goods in May 2021 have risen from the revised April 2021 estimate of $ 35,414 million to $ 3,794 million (11%) to $ 39,208 million.

Australia’s exports of metalliferous minerals hit a record high for the third consecutive month, increasing 15% to $ 19,036 million, the report said. Iron ore was the main driver of the increase, up $ 2,506 million (18%). The price of iron ore continues to climb, with the unit value increasing 9%, while the quantity also increased 9% in May, ABS noted.

The increase in metal ore exports to China, Australia’s largest trading partner, was again led by iron ore, up $ 2,087 million (20%) to $ 12,666 million. This is the third consecutive record export month for iron ore and, subsequently, metalliferous ores, according to the report.

The increase in coal exports is due to both hard coking and thermal coal. Coal exports to South Korea increased by $ 120 million (28%) and to Taiwan by $ 93 million (35%). The increase in non-ferrous metals was led by crude copper and lead, up $ 142 million and $ 92 million respectively. The increase in lead is largely due to exports to the UK, where raw lead increased by $ 62 million.

According to ABS, Australian exports in May 2021 were $ 10,048 million (34%) higher than in May 2020, mainly due to a significant increase in exports of metal ores, up by $ 7,353 million ( 63%) compared to the corresponding period of 2020.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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