Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

UPDATE 1-Port Hedland Oct iron ore shipments to China drop as price sinks

Published 04/11/2015, 03:44 pm
Updated 04/11/2015, 03:50 pm
© Reuters.  UPDATE 1-Port Hedland Oct iron ore shipments to China drop as price sinks
BHP
-
FMG
-
RIO
-
BHPB
-
AGO
-
RIO
-
VALE
-
BCI
-

(Adds tonnage for other countries, price history)

SYDNEY, Nov 4 (Reuters) - Iron ore shipments to China through Australia's Port Hedland in October fell 9 percent to 30.73 million tonnes from a record 33.78 million in September as the price of the commodity deteriorated, port figures released on Wednesday showed.

The port, the world's largest for exporting iron ore, is used by sector majors BHP Billiton BHP.AX BLT.L and Fortescue Metals Group FMG.AX , along with smaller miners including Atlas Iron AGO.AX and BCI Ltd BCI.AX .

Total shipments of iron ore through the port in October amounted to 36.52 million tonnes, down 7 percent from 39.41 million in September, also a record, according to the Pilbara Ports Authority.

Japan, was the second-biggest destination for ore from the port, importing 2.47 million tonnes in October, followed by South Korea at 2.22 million.

The price of iron ore fell nearly 10 percent in October - the steepest October decline since 2011 when it tumbled 31 percent. 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 highest since May, data tracked by consultancy SteelHome showed.

BHP expects to mine 247 million tonnes by next July, while Fortescue is running at an annual rate of around 165 million tonnes, making them the third and fourth highest producers worldwide after Vale VALE5.SA and Rio Tinto RIO.AX RIO.L .

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.