Aust., Brazilian iron ore shipments hit 7-month low

The total volume of iron ore dispatched to global destinations from the 19 ports and 16 mining companies in both Australia and Brazil reversed down substantially to its seven-month low of 21.4 million tonnes over November 2-8 after a one-week gain, falling 22% or about 6 million tonnes on week, with both origins posting drops in shipment volumes, according to Mysteel’s weekly tracking.

Over the latest period, Australia iron ore shipments from its ten ports bound for global destinations ebbed from one week of incline, down 3 million tonnes or 15.9% on week to about 15.9 million tonnes, and Brazil shipped 5.5 million tonnes of iron ore from its nine ports worldwide, which reversed down by around the same tonnage of 3 million tonnes.

Over November 2-8, iron ore shipments from the 14 ports and 12 mining companies in Australia and Brazil under Mysteel’s survey totalled 20.5 million tonnes to worldwide, which also retreated by 4.2 million tonnes or 17.1% on week.

Among the total volume under the smaller-scale survey, the tonnage from Australia to China also reversed from the one-week growth, down 2.3 million tonnes or 16.6% on week to about 11.8 million tonnes.

All the three Australian top miners posted on-week drops in their shipments to China, with the tonnage from Rio Tinto reversing down the most by about 1.1 million tonnes or 22.4% on week to 3.9 million tonnes, while BHP’ volume decreasing for the second week by another 474,000 tonnes or 9.52% on week to 4.51 million tonnes, and Fortescue Metals Group also saw its volume slide for the second week by 369,000 tonnes or 11.7% on week to about 2.8 million tonnes.

As for Brazil, Vale’s iron ore shipment to the global destinations retreated from the one-week incline, down 2.1 million tonnes or 32% on week to 4.5 million tonnes, according to Mysteel’s latest weekly survey.

Over November 9-15, Port Geraldton in Australia is forecast to be affected by adverse weather for 127.2 hours, and Brazil will roll out a series of scheduled port maintenance including Port Tubarao and Port da Madeira, both for 72 hours.

Written by Li Ye, liye@mysteel.com

This article has been published under an article exchange agreement between Mysteel Global and SteelMint.

Photo Credit: The Guardian