Port Hedland Iron Ore Exports to China Drop as Prices Sink
SYDNEY, Nov 4 (Reuters) – Iron ore shipments to China by Australia’s Port Hedland in October fell 9 p.c to 30.73 million tonnes from a report 33.78 million in September as the worth of the commodity deteriorated, port figures launched on Wednesday confirmed.
The port, the world’s largest for exporting iron ore, is utilized by sector majors BHP Billiton and Fortescue Metals Group, together with smaller miners together with Atlas Iron and BCI Ltd.
Total shipments of iron ore by the port in October amounted to 36.52 million tonnes, down 7 p.c from 39.41 million in September, additionally a report, in accordance with the Pilbara Ports Authority.
Japan, was the second-biggest vacation spot for ore from the port, importing 2.47 million tonnes in October, adopted by South Korea at 2.22 million.
The value of iron ore fell almost 10 p.c in October – the steepest October decline since 2011 when it tumbled 31 p.c. It stood at $48.70 a tonne on Wednesday.
Iron ore stocked at China’s ports reached 84.75 million tonnes on Oct. 30, the very best since May, information tracked by consultancy SteelHome confirmed .
BHP expects to mine 247 million tonnes by subsequent July, whereas Fortescue is operating at an annual charge of round 165 million tonnes, making them the third and fourth highest producers worldwide after Vale and Rio Tinto . (Reporting by James Regan; Editing by Joseph Radford)
(c) Copyright Thomson Reuters 2015.
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