Well, I’ve been out-beared again on iron ore. At the AFR today, Professor Ross Garnaut makes a dire prediction:
“My old friends say that Chinese production should fall from a bit above 800 million tonnes today to about 600 million tonnes in 2030.”
After his most recent trip to China, where he served as Australia’s ambassador in the mid-1980s, Professor Garnaut decided to outline his concerns for Australian iron ore exports. If he is correct, China’s steel production peaked last year at 823 million tonnes and will fall by 27 per cent to 600 million tonnes by 2030.
