By Carolina Curiel (ScrapMonster Author)

March 11, 2016 06:15:59 AM

MELBOURNE (Scrap Monster): According to most recent data released by the Australian Bureau of Statistics, the country’s iron ore export volumes dropped marginally during the month of January this year.

The Australian iron ore exports totaled 57.772 million tons during the month. This is nearly 3.6% down when compared with the exports during corresponding month the previous year. The country had exported 59.929 million tons of iron ore during January 2015. The average export price during the month tumbled by over 38.5% to $36.40 per ton when matched with the previous year.

During January this year, the largest export destination of iron ore exports from Australia was China. The Australian iron ore exports to China totaled 46.719 million tons, accounting for over 80% of the total Australian exports. The second largest importer of Australian iron ore was Japan. Japan imported 5.861 million tons of iron ore from Australia. The other key importer of Australian iron ore was Taiwan (1.273 million tons). The export prices to Taiwan averaged at US$ 40.2/ton.

Meantime, iron ore exports from Port Hedland rebounded during the month of February this year. The exports rose by 8.4% to 36.63 million tonnes. The exports to China dropped nearly 8% year-on-year to 27.9 million tonnes during Feb ’16, on account of week-long Lunar New Year holidays.

The iron ore prices have gained by almost 24% since the start of the current year, making it one of the top performing commodities.