Port Hedland Iron Ore exports fell by only 1% for August 2021 despite a 7% drop in tonnage to primary partner China, thanks largely to increased business with Japan and Korea.
Exports of the ferrous metal to China dropped by 6.99% to 35,912,894 tonnes, with demand softening due to government restrictions on industrial pollution and energy consumption from crude steel production. Reports suggest that the Chinese Government has sought to cap output at 2020 levels.
The decline in Chinese business was offset by large export increases to both Japan and Korea, who imported an additional 60% and 26% of iron ore respectively for August, and together accounted for 14.5% of Port Hedland’s total iron ore export.
Exports of copper, manganese and spodumene all fell during August.