🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UPDATE 1-Port Hedland says weather cuts Jan China iron ore exports

Published 06/02/2017, 03:29 pm
Updated 06/02/2017, 03:30 pm
© Reuters.  UPDATE 1-Port Hedland says weather cuts Jan China iron ore exports
BHP
-
FMG
-
RIO
-
BHPB
-
RIO
-

(Adds data, details)

* Port Hedland January iron ore shipments drop

* Port blames stormy weather for interruption

* Could hit miners' overall production

SYDNEY, Feb 6 (Reuters) - Shipping interruptions caused by stormy weather cut iron ore shipments to China from Australia's Port Hedland terminal in January by 7.8 percent from a month ago, port authorities said on Monday.

The port, used by BHP Billiton (LON:BLT) BHP.AX and Fortescue Metals Group FMG.AX , saw exports to China slip to 34.5 million tonnes from 37.4 million tonnes in December, after a tropical low swept across the Pilbara iron ore district on Jan. 27, triggering an emergency clearing of vessels for just under 18 hours. shipments from the world's biggest iron ore export terminal fell to 40.3 million tonnes in January from 43.9 million tonnes in December, according to the Pilbara Ports Authority.

Shipping was also suspended for 38 hours at the nearby Dampier port, used by Rio Tinto RIO.AX RIO.L to ship iron ore, the port said.

The port interruptions would have a minor impact on overall second-half output from Australia, said two equity analysts who spoke on background. But the impact could be overcome if the miners recover the lost time over the next several months, they said.

Iron ore was one of the best-performing commodities in 2016, defying analyst forecasts for a correction on the back of plentiful supply and an expected slip in demand from China, the world's biggest buyer.

This has prompted producers to mine and ship at or near record levels.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.