The AFR is reporting that:
Iron ore exports from Port Hedland, used by miners including BHP Billiton and Fortescue Metals Group, rose to a record level in the June quarter.
The total exports of 64.7 million tonnes during the period topped the previous quarterly record of 60.9 million tonnes set during the December quarter and was 16 per cent higher than the cyclone-affected March quarter.
Port Hedland does not ship Rio’s ore but it a good proxy. Here’s the chart:
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A nice volume offset to the falling price, as planned. I still expect the trade deficit to blow out again in July as the much lower thermal coal prices of the last three months flow through to contract prices but this will help.