W Australia iron ore exports plummet because of cyclone

: Freight, Metals
25/01/28

Combined iron ore exports from four of the largest producers in Western Australia (WA) were disrupted by cyclone Sean in the week to 25 January and fell to the lowest since April 2023 when cyclone Ilsa disrupted operations.

BHP, Fortescue, Roy Hill and Rio Tinto loaded vessels with a combined capacity of 11.16mn deadweight tonnes (dwt) over 19-25 January, down from 14.72mn dwt a week earlier. The deadweight volume is the maximum capacity of a vessel and typically overestimates shipments by about 5pc. Exports dropped to the lowest since the week to 15 April 2023 — when volumes plummeted to 10.28mn dwt because of cyclone Ilsa.

Rio Tinto's shipments dropped to 3.05mn dwt from 4.46mn dwt and below its 12-month weekly average of 6.39mn dwt.

BHP loadings fell to 4.55mn dwt from 5.33mn dwt — well below its 5.92mn dwt 12-month weekly average.

Fortescue's loadings dropped to 2.97mn dwt from 3.44mn dwt a week earlier and below its 3.83mn dwt 12-month average. Roy Hill's exports collapsed to just 590,000dwt dwt from 1.49mn dwt during the week to 25 January, far above its 12-month weekly average of 1.19mn dwt.

Spot freight rates in the Pacific dropped recently after a short rebound in early January as iron ore demand remains slow ahead of the lunar new year holiday. Capesize rates on the key west Australia to north China route for cargoes loading from the end of January fell to $5.85/t on 28 January from a recent high of $6.60/t on 13 January.

Overall iron ore shipments from the four main west Australia ports — Hedland, Walcott, Dampier and Onslow — fell to 61.89mn dwt on 1-28 January from 66.06mn dwt a year earlier, provisional shipping data indicate. Shipments to China — where most cargoes are destined for — dropped to 50.85mn dwt from 52.88mn dwt a year earlier. Exports to Japan and South Korea slid to 7.50mn dwt from 9.56mn dwt.

By Andrey Telegin

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