Record Australian iron exports suggest drop in prices

Singapore

IRON ore shipments from the world's largest bulk-export terminal in Australia swelled to a record, offering fresh evidence of strong supply and underpinning forecasts of lower prices through the year-end.

Exports from Port Hedland totalled 42.9 million tonnes in August from 38.7 million in July and 39.2 million a year earlier, data from the Pilbara Ports Authority showed on Wednesday. Cargoes to China were 35.4 million tonnes, also an all-time high, from 32.5 million in July and 33.9 million in August 2015.