Australian iron ore export shipments to India resumed after a gap of about 1.5 years in Nov’20. Export shipments to India stood at 65,000 t last month with last exports witnessed in Mar’19 at 185,000 t.
Australia’s total iron ore export shipments were recorded at 70.36 mn t for Nov’20. Shipments dropped by 8% on a monthly basis against 76.81 mn t in Oct’20, according to the vessel line up data maintained with SteelMint. The exports recorded a fall amid maintenance activities at ports.
On a y-o-y basis too, Australia iron ore export shipments dropped as compared to 71.9 mn t in Nov’19.
Export shipments to China down 12% in Nov’20
Australia’s iron ore export shipments to China stood at 55.78 mnt in Nov’20, down 12% against 63.28 mnt in Oct’20. South Korea stood as the second-largest importer for the month at 6.58 mnt (up 19% m-o-m) followed by Japan at 5.08 mnt.
Australia iron ore exports: Nov’20 v/s Oct’20
Qty in mn t
Source: SteelMint Stats
Provisional Data
Port Hedland exports down 10% m-o-m
In Nov’20, Port Hedland exported 41.39 mnt of iron ore, down 10% against 46.08 mnt in Oct’20. Walcott stood second-largest exporter at 16 mnt, followed by Dampier at 11.23 mnt and Geraldton at 0.89 mnt.
Prices increased in Nov’20 – Monthly average global iron ore fines (Fe 62%) price increased to $124/t, CFR China in Nov’20 against that in last month at $120/ t, CFR China. Prices picked up on material availability constraints caused due to rising falling material supplies from major miners.
Australia exports to China & monthly average global iron ore fines (Fe 62%) price graph
Outlook – Active restocking by Chinese steel mills ahead of winters are likely to raise iron ore prices further. However, concerns of cyclones in Australia and reduction of production guidance by other key miners like Vales, Kumba may keep global iron ore supplies tight.
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