Despite falling iron ore prices Australia’s miners are still shipping record amounts of it.
Iron ore shipments from Port Hedland were a whopping 218.8 million tonnes for the six months to December.
That’s an increase of 29%, or 49.3 million tonnes, over the same period the previous year.
The Pilbara Ports Authority monthly shipping figures for December were released today and show the Port Hedland port, Australia’s largest iron ore terminal, shipped 37.1 million tonnes of iron ore over the month – an increase of 26% compared to December 2013.
In December Glencore boss Ivan Glasenberg said the world’s iron ore majors, including Rio Tinto, BHP Billiton and Vale, were flooding global markets and would “cannibalise” the sector.
He said they were squeezing themselves by ramping up production at a time when commodity prices and Chinese demand are falling.
In the six months to December the iron ore price fell from over $US90 a tonne to just over $US70 a tonne.
Here’s the chart which shows December exports from Port Hedland.