Australia's iron ore and pellet exports increased by 2.4% between January and September 2024, reaching 644 million tonnes. In September alone, exports saw a 3.2% rise compared to the previous month, totaling 75.9 million tonnes, reflecting a steady demand for the country's raw materials.
China remained the largest importer of Australian iron ore, receiving 541 million tonnes during the first nine months of the year, a 2.2% increase compared to the same period in 2023. September shipments to China alone rose by 4% from the previous month, reaching 65 million tonnes. South Korea and Japan also maintained their positions as key importers, with South Korea receiving 37.6 million tonnes, down 3% year-on-year, while Japan’s imports remained stable at 37 million tonnes.
This growth in exports is largely driven by increased steel production in Southeast Asia, particularly in Indonesia and Vietnam, where blast furnace capacity has expanded. The global demand for iron ore is expected to continue rising, especially in China, which remains a dominant player in the market. Despite some fluctuations in iron ore prices, Australia's export volumes are anticipated to remain strong in the coming months.
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