Despite the downturn many mines still desperate to exploit vast reserves and the increased competition from China, Australi우리카지노a is still a major supplier of iron ore to China and the World Bank. However it is bel우리카지노ieved that Australia’s steel industry is set to grow faster than the rest of the world by 2.3 times over in the next 40 years as more countries follow the lead of South Africa’s SAAT. In 2012, Australia supplied over $600 million of steel to Asia, more than in all of 2010 and 2011.
With China’s economy slowing to 3.8% growth last year it’s unlikely to keep up that pace for very lonapronxg. And as the last quarter of 2011 shows, Australia does not seem to have much of an appetite for expansion. With the country seeing a large amount of iron ore exploration and production from its offshore resources that are now available to Asia, there is no doubt that the Chinese will continue to keep their eye on the Australian iron ore market and expect Australia to continue to play a key role in that market’s growth.
This was stated very clearly by the Chinese last night, as one of the leaders at the ASX, Huang Xiaoye, commented, “China is planning to become the world’s steel producer within 15 years, that’s what I meant by ‘the steel industry in five to 10 years’.”