It seems to be the slowest moving cyclone in history. The intensity has dropped off as it is category 2 which is welcome news but nobody will be complacent until all danger has passed.
I think the total effect on seaborne output will be greater than expected. It’s about 2m a day of less ore in transit. Ships were cleared on Thurs afternoon and we are yet to hear what damage if any has been sustained to the infrastructure. Allegedly it is heading now to Rio’s ports at Dampier and Cape Lambert.
Let’s hope most importantly everybody is safe and remains safe until Veronica is no more.
Iron ore price, page-11213
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