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Port Hedland has released its February shipping statistics and they are interesting. Shipments were weak at 36.6 million tonnes but China shipments were terrible at 27.7mt:
This was 2mt lower that last year with an extra day. China’s share of shipments has plunged:
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And this amid a raging Chinese iron ore restock? Someone is crimping supply, as they do when the rush for material is on to maximise prices, which is fair enough. But we also know that when the rush stops the worm turns very quickly the other way.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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