Australia ships record-breaking amounts of iron ore via Port Hedland
by David Fleschen
Iron ore prices are dropping 2% today to $ 92 a ton, as Australia exported a record amount of iron ore through the port of Port Hedland last year. According to data from the port operator, almost 516 million tons were shipped in 2019, despite the weather-related interruptions at the beginning of the year. The Australian Department of Industry, Innovation and Science expects Australia to export significantly more iron ore overall this year. With Brazilian exports also picking up again, the seaborne iron ore market should be well supplied, which we believe speaks for falling iron ore prices.
Source: Commerzbank Research, Photo: Fotolia