A total of 71 vessels carrying 11.21 million mt of iron ore arrived at major Chinese ports during April 19-25, SMM estimates. This was down 820,000 mt from the prior week, and down 2.47 million mt from the same period last year.
For the same week, iron ore deliveries leaving Australian ports continued to increase, by 1.24 million mt on the week to 18.83 million mt, some 1.88 million mt higher than the same period last year.
Shipments that departed Brazilian ports were estimated to fall 1.02 million mt from the prior week to 5.22 million mt. This was 1.14 million mt higher than the same period last year.
The iron ore market may continue to face supply pressure in the medium-to-long term. Mining company BHP said on Tuesday that it plans to expand its iron ore export capacity from Australia’s Port Hedland shipping hub, by as much as 14% to 330 million mt/year. Its forecast shipments for 2020 stand at 273-286 million mt.
Source:SMM News
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