Brisbane Times reported that Australia, the world's biggest producer of iron ore has forecast 14% rise in exports in the 2013 to 2014 fiscal year as the country's big miners press ahead with multi billion dollar expansions despite signs demand growth is softening.

The Bureau of Resources and Energy Economics predicted iron ore exports of 610 million tonnes in the financial year that begins July 1st 2013 after upgrading its forecast for the current year by 11 million tonnes to 533 million tonnes.

Resources and Energy Quarterly report said that over the outlook period, energy and mineral commodity exports are projected to remain robust, largely driven by significant increases in iron ore, coal and LNG exports.

Iron ore prices have averaged USD 137.31 per tonne this calendar year. They have reached a high of USD 158.90 per tonne and a low of USD 110.40 per tonne.

Chinese growth will continue to play a vital role in the price of Australia's iron ore exports. BREE expects the world's second largest economy to continue to expand and a strong rate and increase its steel consumption.

"China’s steel consumption in 2013 is forecast to increase by 4 per cent, to total 697 million tonnes. The commencement of construction on Government-funded infrastructure projects is expected to support higher steel consumption demand in the second half of 2013 and into 2014," said the report.