China’s Hunger for Iron Continues to Underpin Australia’s Economy

Workers unload steel at a steel products exchange market in Shanghai, China, on Apr. 6, 2005. China Photos/Getty Images

Last month, Australia funnelled more than a third of all its exports to feed China’s insatiable appetite for iron ore.

Recent Australian Bureau of Statistics (ABS) data revealed that June saw a record month in history as exports of the Australian ore to the Chinese communist regime reached an unprecedented $15 billion (US$11 billion).