The country’s largest miners shipped a record volume of iron ore through Port Hedland in May despite aggressive cuts to steel manufacturing in China – a combination that will weigh on prices and worry investors.
Iron ore shipments from the world’s largest bulk terminal rose to 53.1 million tonnes last month, up 13.7 per cent from April, according to Pilbara Ports Authority. That has taken the volume this year to its highest level since at least 2010. Brazil, the second-largest iron ore exporter behind Australia, also shipped a record volume of the steel-making ingredient for the month.
