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Iron Ore Exports From Port Hedland Hits Record in September
Oct. 02, 2015 02:03PM PST
Base Metals Investing Mining Weekly reported that Australia’s Port Hedland reported record monthly iron ore shipments in September at 39.8 million tonnes, an 8 percent increase from the same time in 2014.
Mining Weekly reported that Australia’s Port Hedland reported record monthly iron ore shipments in September at 39.8 million tonnes, an 8 percent increase from the same time in 2014.
As quoted in the market news:
Most of the ore is shipped each month to steel mills and ports in China, though figures on individual destinations were not released by the Pilbara Ports Authority.
Iron ore has supplanted coal and gold as Australia’s biggest source of foreign income, despite the price plunging as low as $44.10 a tonne in July – less than half what it was a year earlier. Iron ore has since rebounded to stand at $54.40 a tonne. Port Hedland, which handles about a fifth of the world’s seaborne iron ore trade, is used by BHP Billiton and Fortescue Metals Group.
While global iron ore trade is forecast to increase by only 1.5% in 2015 to 1.4-billion tonnes, the lowest rate of growth since 2001, supply from Australia is projected to increase by 6% to 762-million tonnes, according to Australia’s Department of Industry and Science.
