Australia's iron ore exports increased by 2.5pc on the year to 81mn t in May, owing to elevated Chinese and South Korean demand, data from the Australian Bureau of Statistics show.
- Australian iron ore exports may have increased in June. Shipments from Western Australia's four largest ports — which handle the bulk of Australian exports — rose to approximately 69.6mn dwt over 1-23 June, up by 4.3pc on the year, provisional shipping data show.
- Chinese steelmakers bought 71mn t of Australian iron ore in May, up by 5.2pc on the year and the highest since July 2024. The increase came despite China's steel output falling by 6.9pc on the year in May because of weak consumption.
- South Korean steelmakers bought 5.2mn t of Australian ore in May, up by 36pc on the year from 3.8mn t in May 2024. South Korea also increased its purchases of Indian ferro-chrome — a steelmaking input — by 145pc on the year to 16,247t in April, up from 6,625t.
- Japanese producers bought 3mn t of Australian ore in May, down by 27pc on the year from 4.1mn t. The country's total iron ore exports fell 16pc on the year in May, according to data from Japan's finance ministry.
- Argus' iron ore fines 62pc Fe (ICX) cfr Qingdao price has been on a steady decline from mid-May to mid-June, before partially recovering (see chart). It was last assessed at $94.65/t on 2 July, down from $98.25/t on 5 May.
| Australian iron ore exports | |||||||
| May-25 | Apr-25 | May-24 | ±% y-o-y | Jan-May 25 | Jan-May 24 | ±% YTD | |
| Total (mn t) | 81.0 | 73.0 | 79.0 | 2.5 | 361.0 | 363.0 | -0.6 |
| Value ($bn) | 6.7 | 6.2 | 7.5 | -10.7 | 30.7 | 36.6 | -16.1 |
| Average Price ($/t) | 82.0 | 85.0 | 95.0 | -13.7 | 85.3 | 101.3 | -15.8 |
| Average FX rate | 0.6 | 0.6 | 0.7 | -3.0 | 0.6 | 0.7 | -3.7 |
| Source: Australian Bureau of Statistics | |||||||
Iron ore prices ($/t)
