Australian Iron Ore Exports Fell Sharply in Q1 CY19 Amidst Weather Disruption
Australia - world's largest iron ore exporter has recorded drop in iron ore shipment for Q1 CY19, according to the vessel line up data maintained with SteelMint.
Australia's iron ore export shipments recorded at 187.91 MnT in Q1 CY'19, down 15% as compared to 212.46 MnT in Q4CY18. On monthly basis, Australia iron ore exports down by 20% to 54.44 MnT in Mar'19 as against 67.94 MnT in Feb’19.
The first quarter CY19 witnessed drop in exports owing to weather disruptions and maintenance at Australian port. During the month of Mar’19, Australian Pilbara region was hit by cyclone resulting in suspension of Port Hedland, Dampier and Cape Lambert affecting the normal operations at the port. As a result, the exports by the major miners, BHP Billiton, FMG and Rio tinto were hampered and the miners reduced the iron ore production forecast for the year.
On yearly basis too, the exports fell 9% as against 205.86 MnT in Q1 CY'18.
Australian exports to China down 9% in Q1 CY19
China marked the largest importer of Australian iron ore in Q1 CY19 at 155.24 MnT, down 9% against 171.10 MnT in Q4 CY18. Cyclone Veronica erupted at Australian major ports led the supply constraint in iron ore .
Japan stood the second largest importer at 14.52 MnT (down 19% Q-o-Q), followed by Korea at 10.63 MnT (down 23%).
Port Hedland iron ore exports down 6% in Q1 CY19
In Q1 CY'19, Port Hedland exported 116.99 MnT, down 6% against 124.91 MnT inQ4 CY’18, followed by Walcott at 37.46 MnT (down 23% Q-o-Q) and Dampier at 29.84 MnT (down 16% on quarterly basis). Towards second week of Mar’19 the exports from Port Dampier and Port Hedland were hit due to maintenance work and later hit by weather disruptions.
Average iron ore prices increased sharply by 15% Q-o-Q
The average iron ore prices in Q1CY19 increased 15% to USD 82.3/ MT as against USD 71.74/ MT in Q4 CY’18. Monthly average global iron ore fines (Fe 62%) prices witnessed ay USD 86/MT, CFR China in line with last month assessment.
source: SteelMint
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