Australia’s iron ore (including pellets) export shipments witnessed a significant rise of 16% in March 2022 to 69.9 million tonnes (mnt) as compared to 60.1 mnt in February 2022, according to vessel line-up data maintained with SteelMint.
Exports to China up 20%
Australia’s iron ore export shipments to the largest importer, China, recorded a 20% m-o-m rise at 57.7 mnt in March as against the previous month’s 48.2 mnt, thus, increasing the overall export volumes. China’s iron ore sourcing most probably increased as production restrictions in North China eased after the Winter Olympics and demand improved in the country’s real estate sector.
Japan was the second-largest among the top importers’ list in March 2022. The country imported 5.29 mnt of iron ore from Australia, followed by South Korea at 4.08 mnt.
Shipper-wise performance
BHP’s shipments stood at 30.6 mnt in March followed by Rio Tinto and Fortescue Metals at 23.5 mnt and 9.94 mnt, respectively.
Exports from Port Hedland up
Port Hedland exported 44.6 mnt of iron ore in the month under review, up by 17% m-o-m compared to 38.2 mnt in February. Exports from Port Walcott stood at 14.1 mnt followed by Port Dampier at 9.44 mnt.
Outlook
China’s iron ore imports from Australia may see a further increase in the coming month as supplies from other key exporters, Russia and Ukraine, will remain impacted due to the war. Notably, China imported 17.5 mnt iron ore (including pellets) from Ukraine in CY’21, while imports from Russia were recorded at 8.5 mnt. However, the Covid resurgence has turned domestic demand subdued which may weigh on imports.
Leave a Reply