Pilbara port authority based in Australia estimates that iron ore exports to China surged by nearly 31pc to 40.43mn mt in March 2020 compared to the prior year as per the media reports. Exports rose by 21.6pc compared to February.
China’s iron ore imports dropped in February due to Lunar New Year Holidays which were extended due to COVID-19 outbreak. With steel downstream industries shut, demand in the country had taken a hit.
International iron ore prices are at around $84/mt cfr China, unchanged for a few weeks. China is one of the biggest buyers of iron ore since it produces steel through blast furnaces. The country also affects prices for global iron ore.
Australian top miners like Rio Tinto, BHP Bilton, Atlas Iron and Fortescue Metals used majorly Port Hedland for iron ore shipments.