Australia’s iron ore export shipments inched down 1% in Nov’21 to 69.6 million tonnes (mn t) as compared to 70.24 mn t in Oct’21 on reduced shipments from key miners like BHP and Fortescue Metals, according to vessel line-up data maintained with SteelMint.
Exports to China stable in Nov’21
Notably, Australia’s largest iron ore importer, China, recorded iron ore shipments at 58 mn t in Nov’21, in line with the previous month’s 58.38 mn t.
Korea was the second-largest importer in Nov’21. The country imported 4.65 mn t of iron ore from Australia, followed by Japan at 4.17 mn t.
Australia iron ore export shipments: Nov’21 v/s Oct’21
Qty in mn t
Source: SteelMint Stats, Customs
Provisional data
Shipper-wise performance
- BHP’s shipments to China decreased by 8% m-o-m to 26.38 mn t in Nov’21.
- Export shipments from Rio Tinto to China increased to 27.4 mn t in Nov’21 from 23.29 mn t in Oct’21.
- FMG’s shipments to China decreased to 9.87 mn t in Nov’21 from 10.84 mn t in Oct’21.
Exports from Port Hedland down in Nov’21
In Nov’21, Port Hedland exported 40.86 mn t of iron ore, down by 10% m-o-m as against 45.32 mn t in October. Exports from Walcott accounted for 15.11 mn t, followed by Dampier at 12.28 mn t.
The average global iron ore fines (Fe 62%) index stood at $95/tonne (t) CFR China in Nov’21 as against $122/t, CFR China in Oct’21, as per SteelMint’s assessment.
Outlook
The decline in domestic steel demand in China and ongoing steel production curbs, blast furnace and sintering restrictions have resulted in lower exports. Important government measures to curb air pollution in autumn and winter will be stronger and extend over a longer period of time. Therefore, a decline in iron ore imports from China is expected in the coming months with production at steel mills restricted.
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