{"id":81192,"date":"2023-02-01T03:54:13","date_gmt":"2023-02-01T03:54:13","guid":{"rendered":"https:\/\/globalroadtechnology.com\/\/?p=81192"},"modified":"2023-06-27T06:45:02","modified_gmt":"2023-06-27T06:45:02","slug":"the-big-two-australias-export-outlook-in-2023","status":"publish","type":"post","link":"https:\/\/globalroadtechnology.com\/the-big-two-australias-export-outlook-in-2023\/","title":{"rendered":"The Big Two: Australia\u2019s Export Outlook in 2023"},"content":{"rendered":"

Two major resource exports drove Australia\u2019s good fortune in 2022. <\/span>Iron ore and coal accounted for over <\/span>25%<\/b> of the country\u2019s total shipments, providing a combined $200 billion-plus export value throughout the year.\u00a0<\/span><\/p>\n

However, 2022 also saw a shift in the pecking order, as coal took over the number one spot, becoming Australia\u2019s most valuable export <\/span>($132b)<\/b> after Iron Ore\u2019s long reign. <\/span>In a year when China continued to buycott Australian thermal and metallurgical coal, this might come as a surprise.<\/span><\/p>\n

But a global energy shortage \u2013 caused by Russia\u2019s invasion of Ukraine \u2013 saw demand for coal in Asian nations and India go through the roof.\u00a0<\/span><\/p>\n

A demand that Australian coal miners were happy to meet. <\/b>China\u2019s hunger for Iron Ore also cooled in 2022, but not by choice.<\/span><\/p>\n

The populous nation saw a significant dip in infrastructure projects, easing demand for steel and its Fe building blocks.\u00a0<\/span><\/p>\n

Will Iron Ore ride the dragon\u2019s tail in 2023?<\/strong><\/h2>\n

Early in 2023, however, there are positive signs that China\u2019s demand for steel could be rising.<\/span><\/p>\n

Reaching a six-month price high of over $US125\/t in January, Australian Iron ore looks to be back on the menu after its hiatus.\u00a0<\/span><\/p>\n

While still a long way from its high of over $US200\/t in 2021, it\u2019s also much better than October’s figure of just $US80\/t.<\/span><\/p>\n

China absorbs almost 70% of the world\u2019s iron ore exports alone.<\/span><\/p>\n

So with prices in a wild fluctuation, what\u2019s the outlook for Australian Iron Ore exports in 2023?\u00a0<\/span>In a word,<\/span> optimistic.<\/b><\/p>\n

Analysts predict that by Q2, and barring a return to full-scale Covid lockdowns, Chinese steelmakers could be, once again, firing on all cylinders.<\/span><\/p>\n

As China continues to reopen its economy post-pandemic, the forecast for Fe pricing is positive, particularly in the latter half of the year.\u00a0<\/span><\/p>\n

However, there are still apparent risks to consider.\u00a0<\/span><\/p>\n

Will Australia\u2019s coal boom continue?<\/strong><\/h2>\n

Despite China\u2019s cold shoulder to Aussie coal, the energy and steelmaking resource has boomed in the last 12 months, becoming Australia\u2019s <\/span>most valuable export<\/b> bar none.<\/span><\/p>\n

Far from sitting back and waiting for Chinese interest to re-appear, coal miners have found new markets for their material, forging strong relationships in the process.<\/span><\/p>\n

And now that our biggest trading partner is back at the table, more supply could be needed to go around.<\/span><\/p>\n

The ongoing energy crisis has also pushed coal prices to record highs.<\/b><\/p>\n

Throughout 2022, the price of coal exceeded $US400\/tonne and is currently back on track sitting at $US380\/tonne in January 2023.<\/span><\/p>\n

While the short-term outlook for coal exports is promising, the global energy transition means its future as an energy commodity and steel-making material is limited.<\/span><\/p>\n

As a cleaner, greener power sources are identified and applied at scale, coal\u2019s role will diminish to use cases where no other options are available.\u00a0<\/span><\/p>\n

Summary<\/strong><\/h2>\n

Australia\u2019s two most significant exports, coal and iron ore remain in solid demand, fueling the country’s economy.<\/span><\/p>\n

But export reliance doesn\u2019t just hinge on China anymore, as a global energy crunch has seen new customers scramble for Aussie resources, particularly coal.<\/span><\/p>\n

In China, still Australia\u2019s largest export partner by far, Covid lockdowns are easing, and demand for steel to build infrastructure is again on the rise.\u00a0<\/span><\/p>\n

This requires not only coal but also significant amounts of iron ore for smelting.<\/span><\/p>\n

Through this lens, Australian iron ore exports are predicted to rise in 2023, along with the price per tonne.\u00a0<\/span><\/p>\n

Dust suppression is a constant issue in the world of mining and energy.<\/b><\/p>\n

Learn more about GRT\u2019s industry-leading and interconnected <\/b>SMART Dosing Units<\/b><\/a>, and discover how we\u2019re driving more innovative dust suppression solutions for all.<\/b><\/p>\n

Your feedback is important to us.\u00a0<\/b><\/p>\n

Your feedback is important to us. If you enjoyed reading this Global Road Technology industry update and found it informative, please let us know by leaving a\u00a0REVIEW<\/a>.<\/p>\n

References:<\/strong><\/p>\n

https:\/\/www.australianresourcesandinvestment.com.au\/2023\/01\/15\/the-iron-ore-outlook-for-2023\/<\/span>.<\/span><\/p>\n

https:\/\/www.australianmining.com.au\/news\/coal-becomes-australias-top-export-earner\/<\/span>.<\/span><\/p>\n

https:\/\/www.australianmining.com.au\/news\/what-does-the-end-of-chinas-coal-ban-mean-for-australia\/<\/span>.<\/span><\/p>\n

https:\/\/www.aph.gov.au\/About_Parliament\/Parliamentary_Departments\/Parliamentary_Library\/pubs\/BriefingBook45p\/AustraliaTrade<\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Two major resource exports drove Australia\u2019s good fortune in 2022. Iron ore and coal accounted for over 25% of the […]<\/p>\n","protected":false},"author":5,"featured_media":81193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[],"class_list":["post-81192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-articles"],"yoast_head":"\nThe Big Two: Australia\u2019s Export Outlook in 2023 | GRT<\/title>\n<meta name=\"description\" content=\"Two major resource exports drove Australia's good fortune in 2022. 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