London: As other nations suffer from infrastructure shortfalls Australia is on course to supply its highest share of Chinese iron ore imports since the year 2000. Australia has accounted for 44% of Chinese iron ore imports in the first four months of the year, according to brokers Simpson Spence and Young.
''Chinese importers have become increasingly reliant on Australia,'' SSY said. Iron ore shipments from Australia rose 24 per cent in annual terms from January to May, it said.
The price of iron ore has risen to its highest level in more than a month as traders bet on stronger demand from China.
Benchmark Australian iron ore with 62% iron content rose to $139.25 a tonne on Wednesday, according to Platts, the highest since early May and up 4.7% in the past fortnight.
“Prices appear to have met a semblance of support at $130 a tonne, propped up for now by marginal costs of supply,” said Marcus Garvey, analyst at Credit Suisse, in a note to clients last week. [21/06/12]