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Australia’s iron ore shipments to China down 4 pct in April

Australia’s iron ore exports to China from Port Hedland, the world’s biggest terminal for shipments of the raw material, fell 4 percent in April from March, port figures showed, as demand from China’s steel mills dwindled amid a construction slowdown.

Exports of the steelmaking ingredient to Australia’s biggest trading partner totalled 30.1 million tonnes, down from 31.2 million tonnes the previous month, according to the Pilbara Ports Authority.

The monthly total, however, represents an increase of just 4 percent versus the same month a year ago, when it jumped 50 percent amid what was still booming demand for iron ore.

But China’s appetite for iron ore has slowed, sending the commodity’s price to record lows in April. A private business survey published on Monday showed China’s factories suffered their fastest drop in activity in a year in April as new orders shrank.

Port Hedland, which handles about a fifth of the world’s seaborne iron ore trade, is used by BHP Billiton (NYSE: BBL – news) , Fortescue Metals Group and Atlas Iron to ship iron ore cargoes.

Iron ore shipments in April to the next biggest destination country, South Korea, rose 27 percent to 2.8 million tonnes, but exports to Japan fell by 40 percent to 1.2 million tonnes from March levels, the port data showed.
Source: Reuters