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UPDATE 1-Heavy rain cuts Port Hedland February iron ore exports to China

Published 07/03/2017, 02:32 pm
Updated 07/03/2017, 02:40 pm
© Reuters.  UPDATE 1-Heavy rain cuts Port Hedland February iron ore exports to China
BHP
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FMG
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BHPB
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* Feb iron ore exports to China fall to 30.19 mln tonnes

* Overall iron ore exports fall to 35.67 mt (Adds analyst comment)

MELBOURNE, March 7 (Reuters) - Iron ore shipments to China from Australia's Port Hedland terminal, used by BHP Billiton (LON:BLT) BHP.AX and Fortescue Metals Group FMG.AX , fell 12 percent in February from the month before due to heavy rain, port data showed on Tuesday.

Iron ore exports to China, the top destination from the port, dropped to 30.19 million tonnes in February from 34.49 million tonnes in January, Pilbara Ports Authority said on Tuesday.

Overall shipments from the world's biggest iron ore export terminal declined to 35.67 million tonnes in February, a shorter month, from 40.30 million tonnes in January.

"The weakness in February appears to reflect heavy rainfall early in the month and doesn't reflect a fall away in demand," said Shaw and Partners analyst Peter O'Connor, adding that rising freight rates and iron ore prices that month indicated a pick-up in demand.

Cyclones and heavy rainfall typically stall shipping in the southern hemisphere summer months.

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