I just cannot see iron ore volumes into China decreasing ATM. And demand going into spring should stay strong. This from MySteel today, on last week's volumes into China:

Specifically, Rio Tinto's volume soared 2.4 million tonnes or 91.4% on week to 5 million tonnes, BHP's shipments increased by a significant 1.5 million tonnes or 41% on week to 5.2 million tonnes, and the tonnage from Fortescue Metals Group climbed 247,000 tonnes or 9.8% on week to 2.8 million tonnes.

WEEKLY: Aust., Brazilian iron ore shipments jump 22% WoW

Source: MysteelMar 05, 2024 13:00

Imported Iron OreShipment

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 tracking reversed up from the prior week's drop and jumped 4.7 million tonnes or 22.4% on week to reach 25.4 million tonnes over February 26-March 3.

Both countries saw their shipping volumes increase last week as the weather conditions improved, Mysteel Global learned.

During the latest survey period, Australian iron ore shipped worldwide from the country's 10 ports leaped 4.3 million tonnes or 30.2% on week to reach 18.4 million tonnes after slumping in the prior week.

Among the total, the volume sent to the country's largest iron ore consumer China also surged 4.2 million tonnes or 40.4% on week to 14.5 million tonnes. Australia's top three miners all lifted their iron ore shipments to China over February 26-March 3, Mysteel's survey showed.

Specifically, Rio Tinto's volume soared 2.4 million tonnes or 91.4% on week to 5 million tonnes, BHP's shipments increased by a significant 1.5 million tonnes or 41% on week to 5.2 million tonnes, and the tonnage from Fortescue Metals Group climbed 247,000 tonnes or 9.8% on week to 2.8 million tonnes.

Over the same period, the volume of iron ore shipped from Brazil's nine ports increased by 400,000 tonnes or 6% on week to reach 7.1 million tonnes, though the shipments from Vale dropped for the second straight week by another 489,000 tonnes or 9.7% on week to 4.6 million tonnes.

As for the week over March 4-10, one berth at Australia's Port Hedland has been scheduled to undergo maintenance works for 48 hours, which is likely to reduce the country's total iron ore shipments by some 6,000 tonnes this week, according to Mysteel's tracking.

Australian iron ore shipments to China over February 26-March 3

	Miner	Shipments (mln t)	WoW change
Rio Tinto	4.98	91.4%
BHP	5.188	41%
FMG	2.759	9.8%

Written by Anthea Shi,[email protected]

Edited by Alyssa Ren,[email protected]