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Australian Iron ore and coal prices down by 25% last Q4.
Issued at 2012-01-16
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The Australian mining profit hit the all-time high of US$26 billion in the Q3 of last year, up by over 17% from the preceding year.
The result was spurred by the bloom of global resource, lifting export prices to its highest level in 140 years.
However, the profit in 2012 will be swayed by falling commodity prices, particularly on the products of coal and iron ore, the two biggest export products in Australia, dropping prices by nearly 25% in the Q4 of 2011.
According to the Reserve Bank figures, the natural resources prices in Australia declined by 1% in last December. Even though the export prices dropped by 10%, they would still be higher than their long-term average by 75%, said Australian market insider.
Source: Yieh
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