Australia raises annual iron ore output forecast to 473 million tons

The Australian Bureau of Resources and Energy Economics issued a report on March 21, raising the forecast for iron ore exports for the fiscal year 2011-2012 to 473 million tons, exceeding the previous forecast of 460 million tons, reflecting its demand for the largest buyer in China. Strong expectations. Australia exported 407 million tons of iron ore in 2010/11. The agency also analyzed at the same time in the report that in 2012 China's manufacturing investment continued to grow, and both power generation and automobile production will continue to maintain strong growth. Although industrial production is slightly lower than the 2011 level, it is still prosperous. The Bureau also expects that Australia's iron ore export volume will grow at an annual rate of 11% for the long-term, reaching 767 million tons in the 2016-2017 fiscal year. In addition, major miners such as Australia’s BHP Billiton still expect the Chinese economy to make a soft landing and continue its mid- to long-term iron ore output expansion plans.