Iron ore miners decline after Port Hedland exports set monthly record
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The news: Iron ore miners were among the biggest losers on the ASX 200 as index futures prices fell after new data indicated Australia’s largest bulk-export terminal facilitated record exports in June.
The numbers: Exports from Port Hedland hit 54.6 million tonnes in June, exceeding the monthly record set in June 2024.
A new half-year shipments record of 288 million tonnes was also set, beating the peak set in the same period in the previous year.
Overall, ports managed by Pilbara Ports exported 730.8 million tonnes of iron ore in FY25, a 3% increase year on year.
Champion Iron was the biggest loser on the ASX 200 at 12:40pm AEST. Its share price had fallen 4.9% to $5.00. Iron ore index futures on the Singapore exchange had slumped by about 1.8% to USD103.25.
Fortescue (-3.2%), BHP (-1.7%) and Rio Tinto (-1.1%) also fell.
The context: The rise in iron ore supply last month came even as steel output in China fell to its lowest level for June since 2018. The Chinese government has also previously announced plans to cut steel production.
The sources: Pilbara Ports statistics , Bloomberg, Bloomberg
