From Goldies:
Iron one exports pulled back in July, down -8% from June’s all-time high.
Weaker performance across all metrics delivered an average daily export rate of 416mtpa (vs June 2015 peak of 467mtpa).
The weaker Pt Hedland export data is consistent with the deterioration inthe freight indicator published by our Global Macro Research team lastweek. Reduced shipments in early July, we think due to scheduled shiploader maintenance, is providing support to current iron ore prices (+13%to US$56/t over past 30 days). However with current export rates nownormalised, and our expectation of ongoing global capacity growth intoH2, we expect iron ore prices to retrace over the near term.
