Australia trims outlook for iron-ore exports

Marketwatch reports Australia’s government commodities forecaster Tuesday trimmed its projections for iron ore and coking coal exports over the coming financial year, and forecast prices for both raw steelmaking ingredients will continue to ease from highs as global supplies increase.

MarketWatch reports:

Worldwide steel consumption is expected to continue rising over the coming years, buoyed by rapid industrialization in Asian economies, which will support growth in iron ore and coking coal trade, the Australian Bureau of Agricultural and Resource Economics and Sciences, also known as Abares, said in its latest quarterly report. Australia is set to retain its position as the world’s largest exporter of both commodities, despite heavy rains early in the year that dented production from mines, it said.