China’s steel mills are shifting to greener production processes which don’t favour Australian iron ore. Australian miners must quickly adapt or get left behind.
Australia’s largest export, iron ore, has long been a powerhouse of economic growth. Over the past two decades, its contribution to our national income has surged from just A$8 billion in 2005 to over A$124 billion today.
Australia could adapt its production to meet this change in demand. But if it doesn’t do so quickly, it may find itself left behind in the new green economy. Australian ore doesn’t make the grade Making steel with low-grade iron ore isn’t at all carbon friendly. Much of the iron ore exported by competing nations like Brazil and Guinea is high-grade, containing more than 65% iron. But most of Australia’s current exports fall below that threshold, between 56% and 62%.
One such international measure, the European Union’s Cross-Border Adjustment Mechanism , has further accelerated a global drive toward sustainable steelmaking.
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