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Australia’s economic boom from iron ore exports

The rising price of iron ore is providing an economic boom for Australia, its largest exporter.

Iron ore is now worth $US100 a tonne compared to less than $US40 a tonne in 2016.

Australia and Brazil have long been the biggest exporters of Iron Ore but the South American country is now seeing disasters such as dam failure threatening its product.

ANZ Senior Commodity Analyst Daniel Hines tells Ross Greenwood as China’s steel production grows there is a higher demand which Australia is in the perfect position to fill.

“It’s a fairly significant impact and quite immediate.”

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