Iron ore price boom in Australia

Iron Ore hit close to $62 per ton, a three month high for the commodity, a report released by the Pilbara Ports Authority has revealed.

The report also showed an increase in the amount of shipments of the element through Port Hedland in July, the largest iron ore terminal in the world.

The import price for 62 percent iron content fines at the port of Qingdao added nearly a dollar to $61.56 a tonne, data from The Metal Bulletin Index has shown, taking its monthly average to $61.28.

Pilbara Ports Authority has delivered a total monthly throughput of 52.9 million tonnes (Mt) July, an increase of 2 percent from the same month last year.

The Port of Port Hedland achieved a monthly throughput of 39Mt, an impressive growth of 9 percent from the previous year.

Iron ore exports for the month totalled 38.7Mt an increase of 10 percent from the same month in 2015. Imports totalled 113,000 tonnes, a decrease of 44,000 tonnes or 28 percent from the previous year.

The Port of Dampier delivered a total monthly throughput of 13.8Mt, a decrease of 1.9Mt or 12 percent from the same month in 2015. Imports totalled 57,000 tonnes, a decrease of 19,000 tonnes or 25 percent from the previous year.

Figures gained from [Pilbara Ports Authority; Mining.com] 

Read the August issue of Mining Global Magazine!

Be sure to follow @MiningGlobal for news and latest updates!