Australia, Brazilian iron ore shipments at 11-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 slumped to a 11-month low of 18 million tonnes over February 1-7, or reversing down after one week of rise by 6.5 million tonnes or 26.5% on week, with both origins posting decreases, according to Mysteel’s weekly tracking.

Over the survey period, Australian iron ore shipments from its ten ports bound for global destinations were at its 11-month low of 13 million tonnes, down after a one-week increase by 4 million tonnes or 24% on week, and Brazil shipped 5.2 million tonnes of iron ore from its nine ports worldwide, which retreated after one week of gain too by 2.4 million tonnes or 32% on week.

However, the lower shipments could temporary as the latest drops especially from Brazil was mainly due to the seasonal rains, a U.S-based iron ore analyst shared his projection.

Over February 1-7, iron ore shipments from the smaller-scale survey of 14 ports and 12 mining companies in Australia and Brazil thinned to a 11-month low of 16.8 million tonnes, slipping after one week of increase by 5.8 million tonnes or 25.6% on week.

Among the total volume in the smaller-scale survey, the tonnage from Australia to China, unsurprisingly, reversed down from a one-week gain to its 11-month low too, reaching 10.4 million tonnes, after an on-week drop of 1.8 million tonnes or 15%.

Among the top three Australian miners, BHP’s iron ore to China decreased to its 11-month low, down for the fourth week by 324,000 tonnes or 8.5% on week, and Fortescue Metals Group’s tonnage to China fell after one week of rise by 462,000 tonnes or 15.2% on week, and that from Rio Tinto also headed south after one-week gain by 672,000 tonnes or 14.5% on week.

As for Brazil, Vale’s iron ore shipment to global destinations also declined after one week of rise by 1.3 million tonnes or 22.4% on week to 4.4 million tonnes.

Over February 8-14, Australia and Brazil will launch a series of scheduled port maintenance including Port Dampier in Australia for 168 hours, and 72 hours for Port Tubarao, 72 hours for Port da Madeira, and 120 hours for Port GIT, with all the three in Brazil.

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