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Bloomberg reported today that Australia’s Port Hedland reported record iron ore shipments to China last month on the back of signs of increased steel production in the Asian nation.
Bloomberg reported today that Australia’s Port Hedland reported record iron ore shipments to China last month on the back of signs of increased steel production in the Asian nation.
As quoted in the publication:
Shipments from the world’s largest ore-export terminal totaled 27 million metric tons in March compared with 21.3 million tons in February and 19.1 million tons a year earlier, data on the port authority’s website show. Total exports were also a record at 34.4 million tons last month, rising from 27.8 million tons in February and 24.9 million tons in March 2013, the data show.
UBS AG Analyst Daniel Morgan commented:
It’s a healthy indication of supply side picking up and demand side picking up post winter.