Australia: Iron Ore Exports Surge 18% in Q2 CY19
Australia - world's largest iron ore exporter has recorded rise in iron ore shipment for second quarter CY19, according to the vessel line up data maintained with SteelMint. Australia's iron ore export shipments recorded at 222.49 MnT in Q2 CY'19, up 18% as compared to 187.91 MnT in Q1 CY'19.
Australian iron ore exports for the month of June’19 dropped to 76.3 MnT, after hitting 1 year high levels at 76.97 MnT in May’19. The exports plunged for the month amid Rio Tinto’s announcement for drop in iron ore Pilbara shipments guidance due to mine operational challenges at the company’s Greater Brockman hub. Rio Tinto 2019 Pilbara iron ore shipment guidance is reduced to 320-330 MnT as against 333-343 MnT previously.
For H1 CY19, the total Australian iron ore exports recorded decline to 410.41 MnT as against 431.3 MnT for H1 CY18. The exports dropped amid hindrance in exports caused due to tropical cyclone in Australia in Mar'19.
Why did Australian iron ore exports pick up in Q2 CY19?
High global iron ore prices:
The spot iron ore fines (Fe 62%) index price increased for the quarter and recorded at USD 118/MT, CFR China towards June’19 end, hovering five years high amid material shortage . The monthly average spot iron ore prices for Q2 CY19 witnessed at USD 100/MT as against USD 82/MT in previous quarter. This led to high realization in exports market during the quarter.
Monthly average global iron ore fines (Fe 62%) prices in June’19 recorded at USD 109/MT as against May’19 at USD 99/MT, CFR China.
Fall in iron ore inventory at Chinese Ports:
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 115.25 MnT towards June’19 end as against 147.6 MnT towards end of 1st quarter CY19. The inventory has fallen to lowest levels since around 2017
Australian exports to China surge 16% in Q2 CY19
China marked the largest importer of Australian iron ore in Q2 CY'19 at 180.29 MnT, up 16% against 155.24 MnT in Q1 CY'19. Japan stood second largest importer for the quarter at 17.96 MnT followed by Korea at 15.30 MnT. Australian exports to India stood nil for the quarter.
Chinese imports for the month of June’19 stood 13 Months high at 62.6 MnT, the level was last witnessed in May'18 at 63.7 MnT.
source: SteelMint
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