Despite a tough time for the global resources sector over the past 12 months due to plunging commodities prices and ailing Chinese demand, Australia's iron ore exports are believed to have risen by 10% YoY in 2012 with more substantial gains expected next year.
The latest Quarterly Resources and Energy by the Australia Bureau of Resources and Energy Economics on December 12th indicates that Australia's iron exports in 2012 hit 481 million tonne for a 10% YoY rise, boosted by capacity expansions amongst mining giants such as Rio Tinto and BHP Billiton.
The report also expects accelerated growth in iron ore exports in 2013, forecasting an increase of 13% to hit 543 million tonne.
BREE expects iron ore prices to fall in 2013 to around USD 106 million tonne remaining close to present levels during the first half of the year before rising in the Q4 on the back of increased infrastructure and stimulus spending by the Chinese government.
