Iron Ore Exports From Port Hedland Climb as China Purchases MorePhoebe Sedgman
Iron ore shipments from Australia’s Port Hedland, the world’s biggest bulk terminal, increased in September as exports expanded to China.
Cargoes totaled 28.96 million metric tons from 27.39 million tons in August and 19.89 million tons a year earlier, data on the Port Hedland Port Authority’s website show. Shipments to China, the largest buyer, were 22.97 million tons from 22.26 million tons the previous month and 15.13 million tons in September 2012.
Iron ore entered a bull market in July as users in China replenished stockpiles that shrank in March to the lowest level since 2009. Morgan Stanley said in September that the commodity will be supported into the first half of 2014 before a global surplus emerges, while Citigroup Inc. and BHP Billiton Ltd. have bearish short-term views as miners boost output.
Ore with 62 percent content delivered to the Chinese port of Tianjin was unchanged at $131.40 a dry ton yesterday, according to The Steel Index Ltd. Prices, which are 19 percent above this year’s low of $110.40 on May 31, are down 9.3 percent this year.