Australia Ready to Handle Iron Ore Surplus as Chinese Demand Drops

Labor’s Future Made in Australia Act may help shield the country from the impacts of the expected oversupply of iron ore, Australia’s biggest export, later this decade, according to a government spokesperson. “Through our Future Made in Australia initiative, the Australian government is working with the sector on the transition to green metals, seizing an opportunity to leverage our abundant solar and wind resources and iron ore mineral reserves to create new economic opportunity and support the global net zero transformation,” a spokesperson for the Department of Industry, Science, and Resources (DISR) told The Epoch Times. According to its Resource and Energy Quarterly published last June, the department forecasts export volumes of iron ore to increase 2.3 percent annually over the next two years, beginning in 2024, as more greenfield supply comes online from existing and emerging producers....