WEEKLY: Australian, Brazilian iron ore shipments drop to 1-year low

The total volume of iron ore shipments dispatched to global destinations from the 19 ports and 16 mining companies in Australia and Brazil under Mysteel's regular survey decreased for the second straight week by a large 7.7 million tonnes or 28.8% on week to touch a one-year low of 19.2 million tonnes during April 8-16, with the shipping volume falling from both countries.

The port maintenance, plus the typhoons on the sea, caused disruptions to the port operations in Australia and led to the reduction in the country's iron ore shipments, Mysteel Global learned.

During the latest survey period, Australian iron ore shipped worldwide from the country's 10 ports fell for the second consecutive week by a significant 4.1 million tonnes or 22% on week to 14.5 million tonnes.

Among the total, the volume sent to the country's largest iron ore consumer China also lost 3.6 million tonnes or 23.4% from the prior week to reach 11.6 million tonnes. Last week, Australia's top three miners all curtailed their iron ore shipments to China, Mysteel's survey showed.

Speficifally, Rio Tinto cut its volume for the second straight week by a substantial 2.1 million tonnes or 46.2% on week to 2.5 million tonnes, BHP's shipping tonnage dropped for the second week by another 430,000 tonnes or 8.3% on week to 4.7 million tonnes, and the shipments from Fortescue Metals Group lost 110,000 tonnes or 3.6% on week to reach 3 million tonnes after standing unchanged in the prior week.

During the same period, Brazilian iron ore sent to global destinations reversed from the previous two-week rise and plunged to 4.7 million tonnes, lower by 3.7 million tonnes or 43.7% on week, with the volume from Vale slumping 3.2 million tonnes or 51.7% on week to 3 million tonnes.

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and BigMint.