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Australia's export of metalliferous ores sets another record in June - report

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(Kitco News) - The Australian Bureau of Statistics (ABS) reported today that export of domestic goods in June 2021 increased from the revised May 2021 estimate of $38,397m by $2,889m (8%) to $41,287m.

According to the report, export of metalliferous ores from Australia increased to a record high of $20,494m, and accounted for almost half of Australia’s total export value in June. This is the fourth consecutive record month for metalliferous ores.

Driving the increase was iron ore, up $1,043m (6%) to $17,553m. The iron ore increase was primarily price driven despite recent pressure to reduce prices, the authors said in a report.

Also driving the metalliferous ores increase was copper ore, up $302m (55%) to $847m. The increase was driven largely by an increase in price, up 37%, to above $5.00 per kilogram for the first time on record. ABS added that green technologies have been increasing demand for copper amidst limited global supply.

Coal increased to its highest value since April 2020 driven by hard coking coal, up $332m (24%) and thermal coal, up $164m (10%). Japan and South Korea drove the increases in both coal types.

The increase in export of metalliferous ores to China (up $1,099m or 8%), Australia’s largest trading partner, was once again driven by iron ore, up $1,016m (7%) to $14,887m, a record high for iron ore and subsequently metalliferous ores. Price was once again the predominant driver of the increase, up 5%, with quantity also increasing, up 2%.

ABS noted that made up almost entirely of gold bullion, June observed the second highest non-monetary gold export to China on record, which was up $396m (87%).

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