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Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.
4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Friday, 4 October 2013
Port Hedland iron ore exports +46% y/y
Sheesh. Unbelievable stuff.
All great, but crumbs let's hope that iron ore price holds up with all that supply shipping out to China!
"IRON ore heavyweights BHP Billiton and Fortescue Metals Group are heading for bumper quarterly earnings after driving record exports through Port Hedland in Western Australia.
Statistics released yesterday by the Port Hedland Port Authority showed that iron ore exports through the port topped 28.96 million tonnes during September, a monthly record.
The figure is up 5.7 per cent from August and a whopping 45.6 per cent from September last year, when a sudden plunge in iron ore prices sent shockwaves through the industry.
Combined with ongoing strong iron ore prices, the export figures point to strong quarterly revenues for BHP and Fortescue when they announce their latest production figures this month.
Buoyant iron ore prices and the recent opening of a new berth by Fortescue are behind the latest rise in throughput at the port.
Iron ore prices into China averaged more than $US134 a tonne last month, according to Bloomberg data, up from $US99.47 a tonne a year ago. Combined with the strong exports recorded during July and August, iron ore shipments out of Port Hedland for the September quarter totalled almost 83 million tonnes, an increase of more than 33 per cent from a year earlier.
The rising figures and likely strong revenues reinforce the economic benefits continuing to flow from the mining sector, despite investment in new developments starting to taper off.
Iron ore prices have defied analyst expectations this year and have maintained healthy levels on the back of ongoing demand from Chinese steel mills and promising indicators from the Chinese economy.
BHP and Fortescue account for the bulk of iron ore exports through Port Hedland, and Atlas Iron also ships its production through the port. Rio Tinto uses its own port facilities at Dampier and Cape Lambert.
In the June quarter, Fortescue shipped 25 million tonnes of iron ore, while BHP shipped 47.7 million tonnes."