A recent report, by the Australian Industry, Innovation and Science Department, reveals that due to the weather and productions, it is expected that the Australian iron ore exports will decline for the first time within 18 years, which may lead further tightening of global iron ore supply and cause the iron ore prices to a five-year high.
Australian iron ore target shipments in 2019 were adjusted from 867 million tons in March to the current 814 million tons, and the average price of iron ore was raised by 20%.
By the way, in 2018, Australia's total iron ore exports were 835 million tons
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