Iron ore price, page-50858

Significant slump over the last week but FmG up 0.95mt from a pretty low base last week. Rio and Vale substantially lower shipments over the last week. Vale did have a fire last week which forced its transportation route for the northern system to be shut down for a few days. This may have been the cause of their lower shipments.

WEEKLY: Aust., Brazilian iron ore shipments slump 16% WoW
Source:Mysteel14:00
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Edited by Alyssa Ren, [email protected]



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 declined for the second straight week at a faster pace to near a seven-month low of 21.4 million tonnes over November 6-12, losing 4.1 million tonnes or 16.1% on week, with the shipping volumes falling from both countries.
During the latest survey period, Brazilian iron ore shipped worldwide from its nine ports extended the prior week's decrease by a significant 3.2 million tonnes or 39.9% on week to hit a nine-month low of 4.9 million tonnes, among which the volume from Vale plunged 2.5 million tonnes or 41.3% on week to 3.5 million tonnes.



Meanwhile, Australian ore shipments from the country's 10 ports to global destinations slipped 880,000 tonnes or 5% on week to 16.5 million tonnes, with the volume sent to its largest iron ore consumer China losing 5.7% on week to 13.7 million tonnes.



However, among Australia's top three miners, only Rio Tinto cut its iron ore shipments to China, the survey showed, with its tonnage reversing from the prior week's increase and slumping 1.3 million tonnes or 23.3% on week to 4.3 million tonnes.



In contrast, BHP and Fortescue Metals Group both ramped up their shipments to China significantly, with the former's volume growing 604,000 tonnes or 15% on week to 4.6 million tonnes and the latter's tonnage jumping 944,000 tonnes or 38.2% on week to 3.4 million tonnes, according to the survey.



As for the week over November 13-19, all Australian ports under Mysteel's tracking have completed their maintenance work and will operate normally, which may prevent the country's iron ore shipments from falling further.



Australian iron ore shipments to China over November 6-12

Miner

Shipments (mln t)

WoW change

Rio Tinto

4.28

-23.3%

BHP

4.628

15%

FMG

3.416

38.2%