LOOKING TO THE FUTURE

WHAT CAN THE SEPTEMBER RESOURCES AND ENERGY QUARTERLY’ TELL US ABOUT THE FUTURE OF COMMODITY EXPORTS IN AUSTRALIA?

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The year 2024 might be drawing to a close, but the Australian mining industry isn't slowing down.

Throughout December T and January, the sector will be gearing up for another year of work - and the September 'Resources and Energy Quarterly' (REQ) is forecasting 2025 to be a bumper year for a handful of key commodities.

Iron ore

The Australian mining sector wouldn't be where it is today without iron ore, and this isn't looking to change anytime soon.

Still ranked the world's number one for iron ore resources, exploration expenditure remains strong in the wake of lower iron ore prices, and export volumes are tipped to rise by 1.7 per cent annually over the next two years.

China remains Australia's main iron ore export partner, with the country earning $115.6 billion from Chinese exports in 2023 alone.

Weakened steel production in Asia played a hand in the 0.6 per cent drop in Australian iron ore production in the seven months to July 2024.

Iron ore production is still sitting slightly above the average global range and Western steel demand is forecast to recover marginally in the second half of the 2024-25 financial year, with hopes this demand will translate to higher iron ore prices and production results.