This report provides a comprehensive analysis of the Australian mining industry, with a specific focus on the iron ore market and BHP Billiton. It examines the industry's contribution to Australia's GDP and employment, highlighting the oligopolistic market structure dominated by a few major firms. The analysis delves into the determinants of iron ore demand, including domestic steel production and export demand, as well as the factors influencing supply, such as price and production cost. The report also addresses the relatively inelastic demand for iron ore and the recent economic challenges stemming from China's economic slowdown, which has led to a contraction in demand and a surplus in the market. Desklib offers a platform to explore similar documents and solved assignments for students seeking comprehensive study resources.