SYDNEY, Nov 4 (Reuters) – Iron ore shipments to China through Australia’s Port Hedland in October fell 9 percent to 30.73 million tonnes from a record 33.78 million in September as the price of the commodity deteriorated, port figures released on Wednesday showed.
The port, the world’s largest for exporting iron ore, is used by sector majors BHP Billiton and Fortescue Metals Group, along with smaller miners including Atlas Iron and BCI Ltd.
Total shipments of iron ore through the port in October amounted to 36.52 million tonnes, down 7 percent from 39.41 million in September, also a record, according to the Pilbara Ports Authority.
Japan, was the second-biggest destination for ore from the port, importing 2.47 million tonnes in October, followed by South Korea at 2.22 million.
The price of iron ore fell nearly 10 percent in October – the steepest October decline since 2011 when it tumbled 31 percent. It stood at $48.70 a tonne on Wednesday.
Iron ore stocked at China’s ports reached 84.75 million tonnes on Oct. 30, the highest since May, data tracked by consultancy SteelHome showed .
BHP expects to mine 247 million tonnes by next July, while Fortescue is running at an annual rate of around 165 million tonnes, making them the third and fourth highest producers worldwide after Vale and Rio Tinto . (Reporting by James Regan; Editing by Joseph Radford)
(Bloomberg) — Ukraine’s fight against Russia’s invasion has entered a new phase, pitting homegrown drone technology against a 2,000 kilometer (1,200 mile) swathe of largely Soviet-era oil facilities. At least...
March 19 (Reuters) – Tanker company Euronav will exit Belgium’s blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime...
MOSCOW, March 19 (Reuters) – The new head of Russia’s Navy was formally presented in his new role for the first time on Tuesday at a pomp-filled ceremony, the state RIA news agency reported,...
March 19, 2024
Total Views: 2487
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.