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2025-12-18 22:48:58
[Australia Raises Commodity Export Outlook Supported by Iron Ore and Gold Prices] Supported by a continued surge in gold prices and resilient iron ore prices despite declining steel production in some regions, Australia has raised its commodity export revenue forecast. In its Quarterly Resources and Energy Report, the Australian government projected total raw material exports of A$383 billion (approximately US$253 billion) for the fiscal year ending June 2026, nearly 4% higher than the forecast three months prior. The export forecast for the following 12 months was also revised upward by A$20 billion to A$374 billion. The report emphasized that the overall export outlook for Australian resource and energy commodities has improved significantly, with gold exports showing strong growth and iron ore exports performing better than expected. Meanwhile, the Australian dollar has not appreciated against the US dollar as anticipated. Regarding future price trends, the report predicts that iron ore prices will gradually decline in 2027 as new supply enters the market and steel demand weakens. The benchmark price is expected to average $85 per ton in 2026, falling to $82 per ton in 2027, lower than $93 per ton in 2024. As for gold, it is expected to surpass liquefied natural gas to become Australia's second-largest high-value export commodity this fiscal year, with prices likely to remain firm. In the fiscal year ending in June, domestic gold production in Australia is projected to grow by 16%, reaching approximately 340 tons.
