Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Australia's Export Price Index dropped for the first time in eight quarters in Q3, slowing as Chinese demand for iron ore weighed on exports, according to data released by the Australian Bureau of Statistics Thursday.
The Export Price Index fell 3.6%, paced by a 16.9% decline in prices for metalliferous ores and metal scrap fell 16.9% as a slowdown in China's housing market sapped demand for iron ore. Coal, coke and briquettes fell 6.2% in the quarter as weaker steel demand weighed on metallurgical coal prices. Despite the decline in the September quarter, the Export Price Index rose 25.9% y/y.
Australia's Treasury has forecast the iron ore price will fall from USD91 a tonne to its assumed long-term level of USD55 a tonne by the end of March 2023, according to Budget papers released on Oct 25. However, a slower decline could add USD43.8 billion to nominal GDP over 2022-23 and 2023-24. Iron ore is a key export earner but the Australian dollar's correlation with the price of the steel-making raw material has dropped. (See AUD : A$ Correlation With Iron Ore Dips Sharply) The Import Price Index rose 3% in the quarter, marking a third consecutive quarter of smaller price increases on higher prices for electrical machinery, inorganic chemicals and apparel. The Import Price Index rose 19.3% y/y.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.