Despite downward pressure on the iron ore price, the total amount of the commodity shipped in May from the country’s largest iron ore port increased, showing miners are using volume to combat price falls below the $100 a tonne mark.
Released today, the Port Hedland Port Authority broke its April throughput record of over 34.8 million tonnes to ship more than 36 million tonnes of iron ore during May.
Over the month over 29.9 million tonnes of iron ore were exported to China, with the next biggest customers Korea receiving 2.95 million tonnes and Japan at 2.47 million tonnes. A gap which show how reliant Australia is on China’s demand for the steel making commodity.
This table from the port authority shows the cargo stats by destination for May 2014.