Iron Ore Shipments From Port Hedland Increase as China Buys More
Stock Chart for Oceanic Iron Ore Corp (FEO)
Exports totaled 27.4 million metric tons from 26.6 million tons in July and 22.8 million tons a year earlier, data on the Port Hedland Port Authority’s website show. Shipments to China, the biggest buyer, were 22.3 million tons from 20.4 million tons the previous month and 16.7 million tons in August 2012.
China’s manufacturing resumed growth in August, indicating the world’s second-biggest economy is strengthening after a two-quarter slowdown. The country will reach the government’s 7.5 percent growth target this year and maintain that pace in 2014, a Bloomberg News survey of economists indicates. Strength in the iron ore price, which rose for a third month in August, suggests a mild rebound in China, according to Morgan Stanley.
Iron ore with 62 percent content delivered to the Chinese port of Tianjin fell 0.5 percent to $138 a dry ton today, according to The Steel Index Ltd. Prices have climbed 25 percent from a low in May, reducing this year’s loss to 4.8 percent.
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