Australia Wins Iron Ore Market Share in China as Mines Shut
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Iron ore exporters from Australia are winning the battle for market share in China, boosting cargoes to the largest buyer and squeezing higher-cost producers as prices decline to the lowest level since 2009.
Shipments from Australia accounted for 59 percent of China’s overseas purchases last year from 51 percent in 2013, according to customs data on Friday. Brazil’s share was 18 percent from 19 percent in 2013, while exports from the rest of the world fell to 23 percent from 30 percent. The figures were based on calculations derived from monthly trade data by origin.