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Australian iron ore export growth to slow: government

Australian iron ore export growth to slow: government

SYDNEY:The Australian government expects a rise in iron ore export volumes to slow in 2018 and 2019, while lower prices longer term will cut revenue for the world’s top exporter, according to a Department of Industry, Innovation and Science report published Monday.

Australian iron ore export growth last year, at 4.2% year-on-year in the fourth quarter, is forecast moderate to 1.6% in the year starting July 1, 2018, the Resources and Energy Quarterly report said.

Export growth for the 2017-18 financial year ending June 30 is expected to come in at 6.2%, it said.

“Australia’s major iron ore suppliers are highly cost competitive and are expected to displace higher cost and lower quality Chinese mining operations,” the report said.