Iron-ore shipments from Australia, the world’s biggest shipper of the steel-making ingredient, advanced to a record in October as a strengthening Chinese economy boosted demand.
Exports gained 7.6 percent from September to 44.2 million metric tons, according to government data compiled by Bloomberg. Shipments to China climbed 11 percent to 34 million tons, the data show.
China’s industrial output surged 10.1 percent in November from a year earlier, the National Bureau of Statistics said yesterday, after advancing 9.6 percent in October. The data bolster prospects that the world’s second-largest economy and the biggest buyer of iron ore is set to rebound after a seven-quarter slowdown. Gross domestic product may expand 7.7 percent in the three months through December from a year earlier, according to the median estimate in a Bloomberg survey.
Iron ore with 62 percent content delivered to the Chinese port of Tianjin climbed 2.2 percent to $121 a dry ton on Dec. 7, the highest since Nov. 19, according to data compiled by The Steel Index Ltd. Prices gained 14 percent in October after advancing 17 percent in September.
Fortescue Metals Group Ltd., Australia’s third-biggest iron ore producer, climbed 7 percent to A$4.055 as of 2:10 p.m. in Sydney. Rio Tinto Ltd. gained 2.1 percent to A$61.42, while BHP Billiton Ltd. rose 0.9 percent to A$35.05.