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Bloomberg reported that despite lower Chinese demand, Australia’s iron ore exports are “running at full throttle.” Indeed, the news outlet states that exports from Port Hedland hit a record in March.
Bloomberg reported that despite lower Chinese demand, Australia’s iron ore exports are “running at full throttle.” Indeed, the news outlet states that exports from Port Hedland hit a record in March.
As quoted in the market news:
Total shipments increased to 39.53 million metric tons last month from 36.63 million in February and 36.61 million a year earlier, according to data from the port authority on Tuesday. The figure eclipses the previous high of 39.4 million tons set in September. Exports to China gained to 32.6 million tons compared with 29.14 million tons in February and 31.2 million in the same month in 2015.
While iron ore has staged a surprise rally in 2016 as Chinese policy makers signaled their willingness to bolster slowing growth in the top user, prices have sagged in the past two weeks as port holdings expanded to the highest level in almost a year. Port Hedland is a maritime gateway to low-cost supply from the Pilbara, the world’s largest production center. Billionaire Gina Rinehart’s Roy Hill venture has been ramping up operations this year, and last month dispatched its inaugural cargo to China.