Incoming Australian Finance Minister Andrew Robb said over the weekend that the Coalition was going to “reboot” the mining boom.
What he might have picked up on – which the previous government has not – is that the mining boom may not be the boom it was, but it is still a historical boom.
Take today’s chart from the ANZ Commodity Strategy team of Chinese Iron Ore Imports:
The ANZ says:
Chinese commodity trade figures remained impressively strong in August, after figures released on Sunday showed imports rising 7.0% y/y. Iron ore continued its strong run with August imports at 69m tonnes posting another seasonal record for the year. In the calendar year-to-date, iron ore imports are 8.3% higher than 2012. September usually shows an increase from August, so we could see an all-time record for Chinese iron ore imports sometime in Q4.
Good news for Australia, our miners and our mine workers.
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