Weaker exports in February, robust prices

摘要

Using S&P Global Platts cFlow vessel tracking data for iron ore, it was observed that total shipments in February from Vale, Rio Tinto, BHP, Fortescue Metals Group and Roy Hill reached 87.41 million mt, down 1.9% month on month and up 3.1% year on year. Exports were at their lowest level since March 2018, but February volumes are usually low because of weather issues and other factors in Brazil and Australia. ? Rio Tinto shipped 27.96 million mt from Port Dampier and Cape Lambert in February, up 27% m-o-m and 11.6% higher y-o-y. It marked a strong recovery from 22.02 million mt shipped in January, mainly due to a fire at Cape Lambert. According to Rio's latest annual result, guidance for 2019 will be between 338 million and 350 million mt.