It is quite common when only one country or a very small number of countries dominates the global supply in product markets. For example, OPEC countries, together with Russia and the United States, dominate the global supply of crude oil. Steel materials are no exception.
Australia is by far the main supplier of iron ore and metallurgical coal, with both exports accounting for about 60% of the global maritime supply in 2019.
As such, Australia is at the center of the global steel value chain, and a major supply disruption in Australia could be disastrous for most steel producers and their customers around the world.
Fortunately, Australia's iron ore and metallurgical coal mining operations have proven to be quite resilient to date during the COVID-19 pandemic.
Indeed, Australia has even managed to increase its supply of iron ore to maritime markets. Exports of iron ore from the Australian port of Headland, the world's largest bulk export port, hit a record high in March 2020.
Iron ore and metallurgical coal production virtually unaffected by COVID-19
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Azovpromstal® 5 May 2020 г. 10:07 |
