Iron ore is Australia’s most valuable export, but China’s economic data suggests that’s changing

By Clint Jasper – abc.net

Australia’s most valuable export, iron ore, is getting much less valuable as a continued slowdown in Chinese economic activity and strong production from Pilbara and overseas mines work to keep prices flat.

Futures contracts for iron ore traded on the Singapore Exchange dropped below $94 for the first time since September last year, after economic data from China on Monday showed lower steel output from Chinese mills.

Chinese steel production dropped by 6.9 per cent to 86.55 million tonnes in May, following directives from officials to cut production.