Trade Resources Economy Iron Ore Shipments From Australia Advanced to a Record in October

Iron Ore Shipments From Australia Advanced to a Record in October

Bloomberg reported that iron ore shipments from Australia advanced to a record in October as a strengthening Chinese economy boosted demand.

According to government data compiled, exports gained 7.6% from September to 44.2 million metric tonne. Shipments to China climbed 11% to 34 million tonne.

The National Bureau of Statistics said that China’s industrial output surged 10.1% in November from a year earlier, after advancing 9.6% in October. The data bolster prospects that the world’s second largest economy and the biggest buyer of iron ore is set to rebound after a Q7 slowdown. Gross domestic product may expand 7.7% in the three months through December from a year earlier.

According to data compiled by The Steel Index Ltd, iron ore with 62% content delivered to the Chinese port of Tianjin climbed 2.2% to USD 121 a dry tonne on December 7th, the highest since November 19th. Prices gained 14% in October after advancing 17% in September.

Source: http://www.steelguru.com/raw_material_news/Iron_ore_exports_from_Australia_climb_to_record_on_China/294925.html
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Iron Ore Exports From Australia Climb to Record on China
Topics: Metallurgy