Iron ore exports from Australia's Port Hedland at all-time high
Total shipment of 497m tonnes in 2016 indicates increase in global supply despite bearish forecasts
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Singapore
IRON ore cargoes from Australia's Port Hedland, the world's biggest bulk export terminal, jumped to an all-time high of almost half a billion tonnes last year, offering fresh evidence of burgeoning global supply at a time when bearish forecasts for the commodity are stacking up.
Exports from the port - which handles material for BHP Billiton Ltd, Fortescue Metals Group Ltd and Roy Hill Holdings Pty - climbed 5 per cent to 46.1 million tonnes in December to set a monthly record, according to Pilbara Ports Authority figures on Tuesday. For all of last year, shipments were 497 million tonnes, up from 479 million tonnes in 2016, according to Bloomberg calculations.
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