Port Hedland Iron Ore Hits Record High in September

SYDNEY, Oct 2 (Reuters) – Australia’s Port Hedland on Friday reported file month-to-month iron ore shipments of 39.3 million tonnes in September, an 8-percent rise from a yr in the past and barely above the August stage.

Most of the ore is shipped every month to metal mills and ports in China, although figures on particular person locations weren’t launched by the Pilbara Ports Authority.

Iron ore has supplanted coal and gold as Australia’s largest supply of international earnings, regardless of the value plunging as little as $44.10 a tonne in July – lower than half what it was a yr earlier. Iron ore has since rebounded to face at $54.40 a tonne <.IO62-CNI=SI>.

Port Hedland, which handles a couple of fifth of the world’s seaborne iron ore commerce, is utilized by BHP Billiton and Fortescue Metals Group.

While world iron ore commerce is forecast to extend by just one.5 % in 2015 to 1.4 billion tonnes, the bottom charge of progress since 2001, provide from Australia is projected to extend by 6 % to 762 million tonnes, in response to Australia’s Department of Industry and Science.

BHP is lifting output by 6 % to 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 largest producers worldwide after Vale and Rio Tinto . (Reporting by James Regan; Editing by Joseph Radford)

(c) Copyright Thomson Reuters 2015.