Iron ore exports to China, the top destination from the port, dropped to 30.19-million tonnes in February from 34.49-million tonnes in January, Overall shipments from the world’s biggest iron ore export terminal declined to 35.67-million tonnes in February, a shorter month, from 40.30-million tonnes in January.
“The weakness in February appears to reflect heavy rainfall early in the month and doesn’t reflect a fall away in demand,” said Shaw and Partners analyst Peter O’Connor, adding that rising freight rates and iron ore prices that month indicated a pick-up in demand.
Cyclones and heavy rainfall typically stall shipping in the southern hemisphere summer months.
SOURCE: REUTERS
Leave a Reply
Want to join the discussion?Feel free to contribute!