CANBERRA: Australia’s iron ore exports to China from Port Hedland rose 5.2 percent in May from a month earlier, while total shipments from the port hit a record high, figures released.
Exports of the steelmaking commodity to Australia’s biggest trading partner climbed to 31.69 million tonnes last month from 30.1 million tonnes in April, according to the Pilbara Ports Authority, which operates the world’s biggest export terminal for iron ore.
Total shipments of iron ore from Port Hedland hit an all time peak of 38 million tonnes in May, up 7.3 percent on the previous month. Shipments to Japan jumped 67 percent in the month to 2.15 million tonnes.
Iron ore in recent years has replaced coal as the country’s greatest source of foreign income, despite the price plunging as low as $46.70 in April to less than half of the price a year ago. Iron ore has since rebounded to stand at $62.50 a tonne.
Port Hedland, which handles about a fifth of the world’s seaborne iron ore trade, is used by BHP Billiton (NYSE: BBL – news) and Fortescue Metals Group to ship around 35 million tonnes a month, the lion’s share to Chinese steel mills.
