As Gina Rinehart's Roy Hill Holdings hits its straps iron ore cargo exports from Port Hedland increased by +8 per cent year-on-year in March to hit their highest ever level of 39.5mt (reports the Pilbara Ports Authority).
This was up from 36.6 million tonnes in February.
It was interesting to note from the data that half a million tonnes of iron ore cargo each month is being shipped to Singapore, though of course China remains the premier shipping destination by a huge margin.
Iron ore is presently trading for around US$54/dry tonne, but looking at these volumes it seems likely that there will be downward pressure on prices.
It is expected that Roy Hill will add more than 50 million tonnes per annum of iron ore output.
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