Western Australia supplies more than half of the world's seaborne iron ore. Most is sold to China, where it is made into steel for construction, infrastructure and manufacturing.
Why it matters
Iron ore prices drive the profits of BHP, Rio Tinto and Fortescue, a large slice of the ASX, as well as federal and WA government revenue and the Australian dollar. Chinese property and infrastructure activity is the main driver of demand.
See the data: Iron ore price.
General information, not advice.