Soft orders and oversupply could drive down the global market price of commodities but Australia's earnings from shipments of the products will continue climbing, according to the latest estimates provided Wednesday by the Bureau of Resources and Energy Economics (BREE).

Orders from Asia, mainly coming from China and India, will jump this year but not in the record fashion that was seen in 2011, the new BREE data said.

Following the slump that was seen in previous quarters, China is expected to increase its iron ore demand by 11 percent in 2012 while its need fore thermal coal should surged by at least four percent from the order levels recorded last year, the bureau said.

Australia on the other hand plans to expand its shipments of both products, which serve as the country's flagship commodities exports, by 12 percent for iron ores and 10 percent for coal, in order to compensate for the forecasted flattening of orders and prices for the products.

Both BHP Billiton and Rio Tinto had flagged shrinking demands for iron ore an coal in the near term but long-term outlook for the market has encouraged the mining giants to push ahead with output expansions through the next two decades.

BHP and Rio Tinto officials were convinced that the current floor price for iron ore, which maxed this week at $US147 per tonne, was enough reason fro miners to continue aiming for more supply production despite reaching levels this year that pushed down market prices.

Analysts believe that the prevailing iron ore price has already reached its lowest range for the moment, with the possibility that it could still shoot up by as much as $US160 later on.

It could be the highest point for the rest of the year, market experts said, which is about 8 percent lower when compared to the maximum price that was recorded last year, according to BusinessDay.

Thermal coal price, on the other hand, was tipped to peak at around $US115 this year, coming from the high of $US122 registered last year.

The projections pretty much supported BREE's assertions of plunging order and price numbers for the two commodities though a likely crunch on earnings will not hit Australia this year, the bureau said.

Notwithstanding the cooling down of China's economy and less orders to be made by the Asian economic powerhouse, Australia will still haul in total export earnings of $199 billion for the current year, the BREE data said.

The export earning will further surge to $225 billion by 2017, the bureau added, further making the case for the minerals resource rent tax (MRRT) that the Australian Senate had approved Monday this week.

The federal government looks forward to collect billions from the mega profits being raked in by mining giants using the new tax, delivering revenues of $3.7 billion on its first year of operation alone, which authorities said will be used to finance job creation programs, infrastructure projects and the bolstering of the superannuation funds.