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Iron ore shipments from Australia shrank amid unfavourable weather

SMM estimates that there were 87 vessels carrying 14.18 million mt of iron ore arrived at major Chinese ports during January 5-11, up 300,000 mt from the week ended January 4. This marked a second consecutive week of increase.

During the same period, iron ore deliveries leaving Australian ports slumped 2.61 million mt on the week to 10.78 million mt, 3.57 million mt lower than the same period last year, as a hurricane and heavy rainfall disrupted the shipments.

Shipments that departed Brazilian ports were also estimated to shrink, by 1.22 million mt on the week, to 4.06 million mt, down 3.64 million mt from the same period a year earlier. The continued decline in supply is expected to support near-term prices of seaborne iron ore.
Source: SMM

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