Ore exports from Port Hedland set new record in October

Iron ore exports from Port Hedland in Western Australia reached a new all-time high in October 2014. Shipments from the port totaled 37.5 million tonnes during the month, surpassing the previous record of 37.4 million tonnes reached in August this year.

Exports of ore to India rose sharply this month, the port authority commented on the Pilbar data. According to this data, in October 2014, exports grew by 3.3 percent compared to 36.3 million tons of exports in the previous month.

China was the largest recipient of iron ore exports from the port. More than 31.7 million tonnes of ore were shipped to this country during the month, accounting for nearly 85 percent of the port's total traffic. Iron ore shipments to South Korea fell to 2.3 million tons in October this year from 2.7 million tons in September. Exports of iron ore to Japan also fell from 2.8 million tonnes in the previous month to 2.2 million tonnes in October 2014.

Iron ore shipments to India took a huge leap in the month to 322,000 tonnes in October, significantly higher than the paltry amount of exports in the past. Thus, India is poised to become an important market for Australian iron ore. Low iron ore prices have made sea freight more attractive to Indian steel mills. Increased demand from India has reassured many Australian miners, providing an expanding market base outside of China.