Here’s the latest price update from the iron ore complex:

A relatively quiet session yesterday with the Tianjin price at $78.50

A bit of weather on the way to help delay some shipments could bolster the price a bit longer. From Reuters:

Vessels may be cleared from Australia’s Port Hedland, the world’s biggest iron ore export terminal, as early as Thursday as a safety precaution because of a tropical storm, port manager Pilbara Ports Authority said on Wednesday.

The authority said Port Hedland may start clearing vessels on Thursday morning if the tropical low builds overnight into a cyclone off the Western Australia coastline.

A significant risk remains that it might become a severe tropical cyclone early on Friday, bringing destructive wind gusts up to 130km per hour (80 miles) to coastal areas in northwestern Australia, the Australian Bureau of Meteorology said.

On average, there are 10 to 13 tropical cyclones between November and April in the Australian region, four of which typically cross the coast, data from the bureau shows.

Daily iron ore price update (cyclone support)