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Tuesday, 5 May 2015

Port Hedland pullback

Production pullback at PHPA

Iron ore exports from Port Hedland pulled back a little further in April 2015, to their slowest level since November.

30.1Mt of iron ore was exported to China, while inclusive of Taiwan for than 86 per cent of iron ore by destination was shipped off that-a-way on the tides.

Given the recent oversupply and calamitous crash in the commodity price, it makes sense that export volumes have been eased back.

Other producers have made noises lately about slowing production levels.

This helped the iron ore spot price to bounce a little overnight by $1.60/dry ton to US$57/80.

Still a bump back down to earth of epic proportions, though.