Strengthening coal and gas prices failed to offset a 23 per cent slump in the value of iron ore shipments in October that pushed export values lower after a solid run of record-breaking results.
Iron ore exports dropped 40 per cent from a $19 billion peak in July to $11.4 billion in October. The fall followed price slump from about $US200 ($218) a tonne in July to below $US90 a tonne in October.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
