Big iron is hurling out dirt

Tuesday 12 July 2016

Table from UBS on Pilbara Ports data:

Port Hedland exports 41.8Mt in June 2016

The Port Hedland Port Authority has released export data for June 2016. Iron ore exports totalled 41.8Mt for June 2016 (+6% m/m & +9% y/y). June was a record month for exports both in terms of tonnes shipped and daily run rate, with exports running at 1.39Mtpd, versus prior record of 1.31Mtpd set back in Sep 15. This shouldn’t be a surprise though, as Roy Hill is now contributing to exports. Shipments for FY 16 total 454.3Mt, up 3.3% y/y. We also understand that Rio Tinto saw a slight drop in shipments in June with shipments totalling ~26.9Mt, -5.3% m/m, but down 2% on an annualised basis at 327Mtpa vs 334Mtpa in May 16. Rio’s shipments for H1 16 are estimated at ~160Mt, against 146.5Mt pcp. Rio’s guiding 330-340Mt for 2016.

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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.