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aluminium, we export alumina, and iron is just the ore.
i think that the power, staffing and safety cost is a lot higher in australia, than it is in say china, or korea (though japan has some steel mills, so i may be off). so those mills would be willing to pay more for the ore than aussies, and still make a decent profit.
I have seen that a lot of american aluminium plants we less and less profitable.