The Iron Ore Price Is Tanking But Exports Keep Climbing

Fortescue’s loading facility at Port Hedland. Photo: Bloomberg.

The price of iron ore tanked again overnight with September futures falling $1.43 a tonne to $85.27.

The commodity price has continued its downward trajectory for the majority of 2014.

Dealing with the falling price per tonne, miners have been boosting export volumes – a move which was demonstrated in today’s balance of trade data released by the Australian Bureau of Statistics – which showed lump iron ore exports rose in July but the unit value fell.

Today the Pilbara Ports Authority released its monthly throughput statistics for August.

Over the month 50.9 million tonnes of iron ore was exported through its terminals with the majority (37.3 million tonnes) shipped out from the Port at Port Hedland.

Total iron ore shipped from Port Hedland rose slightly from the 36 million tonnes shipped in July.

The chart below shows what cargo was shipped to which country from Port Hedland in August.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.