Iron ore rally bolsters $A prospects in 2024

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But an unexpected surge in the iron ore price in the second half of last year has also helped the local currency, as strong demand from China’s steel mills appeared to shrug off a weak outlook for the nation’s debt-laden property sector, which accounts for about 40 per cent of China’s steel demand. Iron ore exports are Australia’s single largest income earner. “Iron ore prices have proved remarkably resilient versus China’s economic woes,” said independent economist Michael Blythe at PinPoint Macro Analytics, who forecasts an average iron ore price of $US130 a tonne for 2024. He expects Beijing to inject...