Thursday, March 10,
Iron ore shipments from Australia’s Port Hedland, one of the world’s largest export terminals, fell 16 % in February, but the drop was mostly due to seasonal and weather-related factors, and analysts expect a rebound in March..*
Iron ore shipments dropped to 12.85 million tonnes in February from 15.33 million in January, the port officials said on Thursday, but analysts suggested the chief culprit was a holiday in China.
“It’s all seasonal with the Chinese New Year when you’ve got a week or so with not too many (customers) to trade with,” said Tom Price, a commodity analyst with UBS.
Officials at Port Hedland, which is used by BHP Billiton and Fortescue Metals and shipped more than 180 million tonnes of iron ore in 2010, pointed out that the port was closed for several days in February due to tropical cyclone Carlos.
China’s iron ore imports in February reached 48.64 million tonnes, down 29.5 percent from a January record, with trade disrupted by the Lunar New Year, China’s customs agency said in a statement on Thursday.
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