According to a report from the Australian Department of Industry, Science, Energy and Resources, Australia's iron ore export value was expected to reach a record high at A$136 billion this fiscal year.

Australia also wanted to retain its market share in Brazil, so it will ensure that its iron ore shipments can increase from 900 million tons in 2020-2021 to 1.1 billion tons in five years.

The report also predicted that global steel production will grow by 3% by 2021 and by 2.8% by 2022.