SYDNEY, Dec 5 (Reuters)
- Iron ore shipments to China from Australia's Port Hedland, a
bellwether for Chinese industrial activity, fell 8 percent in November
versus October, port authority data showed.
China imported 16.17 million tonnes via the port in November compared with 17.63 million tonnes the previous month, according to the data released on Wednesday.
Iron ore prices this week were the lowest since October and are expected to face further pressure as Chinese steel mills limit purchases of spot cargoes due to weaker steel demand.
Construction slows during winter in China, reducing the need for steel products.
Appetite for spot iron ore cargoes has been thin since last week, dragging down the price of the benchmark 62-percent grade to $115.30 a tonne on Monday, its lowest since Oct. 19, based on data from Steel Index.
The contract was last quoted at $117.10 a tonne.
Total iron ore shipments from Port Hedland in October were flat month-on-month at around 21.69 million tonnes, according to the data.
BHP Billiton is the port's biggest user, followed by Fortescue Metals Group Ltd.
China imported 16.17 million tonnes via the port in November compared with 17.63 million tonnes the previous month, according to the data released on Wednesday.
Iron ore prices this week were the lowest since October and are expected to face further pressure as Chinese steel mills limit purchases of spot cargoes due to weaker steel demand.
Construction slows during winter in China, reducing the need for steel products.
Appetite for spot iron ore cargoes has been thin since last week, dragging down the price of the benchmark 62-percent grade to $115.30 a tonne on Monday, its lowest since Oct. 19, based on data from Steel Index.
The contract was last quoted at $117.10 a tonne.
Total iron ore shipments from Port Hedland in October were flat month-on-month at around 21.69 million tonnes, according to the data.
BHP Billiton is the port's biggest user, followed by Fortescue Metals Group Ltd.
No comments:
Post a Comment