According to the quarterly outlook report of the Australian Department of Industrial Innovation and Science, Australia's iron ore export revenue is expected to peak at A $123 billion by 2020-21. Iron ore prices are expected to remain strong over the next six months.
Iron ore prices have risen sharply in recent months as demand in China grows and supplies in Brazil continue to stall. Iron ore prices are expected to remain above $100 per ton by mid-2021 and fall above $75 per ton by the end of 2022.
With the opening of mines in Western Australia, several iron ore expansion projects have been carried out in the Pilbara area and production is expected to increase. Australia's iron ore exports are expected to grow from 858 million tons in 2019-20 to 900 million tons in 2021-22.
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