Iron Exports to China Reach Record From Australia’s Port Hedland

Iron ore shipments to China from Port Hedland in Australia jumped 10 percent to a record in October as a recovery strengthened in the world’s second-largest economy.

Exports rose to 25.2 million metric tons from 22.97 million tons in September and 17.63 million tons in October 2012, data from the Port Hedland Authority showed. China is the world’s biggest buyer and Port Hedland is the largest bulk terminal.

Iron ore prices entered a bull market in July and reached a two-month high this week after steel mills in China replenished stockpiles and two manufacturing indexes reported faster growth. Morgan Stanley last month increased its forecast for 2014 by 3 percent to $120 a ton and said the global seaborne market remains in deficit well into next year.

Ore with 62 percent content delivered to the Chinese port of Tianjin increased 0.4 percent to $135.80 a dry ton yesterday, according to The Steel Index Ltd. Prices have risen 23 percent from this year’s low of $110.40 on May 31.

Total exports from Port Hedland were 28.94 million tons in October compared with 28.96 million tons in September and 21.75 million tons in October last year, port data show.

To contact the reporter on this story: James Poole in Singapore at jpoole4@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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