Iron ore volumes showing the pain?

Yesterday Port Hedland released its August shipping statistics including iron ore tonnages, which looked like this:

Not bad but closer inspection throws up a few worries. August tends to be a down month but this year the fall is 9.3% versus half that in the previous two years.

Volumes tend to be highest mid year and at year end so we shall see how things develop.

Port Hedland does not include Rio’s ore so it is only a guide.




David Llewellyn-Smith
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  1. What happened to the idea that we’d make up for lower prices with higher volumes? I’m sure I heard Julia repeat that one just yesterday.

    Does Gruen have a volumes chart that goes upwards forever to go with his gently declining price chart?