By Carolina Curiel (ScrapMonster Author)

April 18, 2016 02:51:36 AM

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

The Australian iron ore exports totaled 62.926 million tons during the month. This is nearly 8.92% higher when compared with the exports during the month before. The country had exported 57.772 million tons of iron ore during January 2016. The average export price during the month rebounded by over 5.8% to $38.50 per ton when matched with $36.40 per ton during the previous month.

During February this year, the largest export destination of iron ore exports from Australia was China. The Australian iron ore exports to China totaled 51.169 million tons, accounting for over 81% of the total Australian exports. The export price to that country averaged at $43.8 per ton during the month. The second largest importer of Australian iron ore was Japan. Japan imported 5.462 million tons of iron ore from Australia. The other key importers of Australian iron ore was Korea (4.039 million tons) and Taiwan (1.436 million tons). The export prices to Korea and Taiwan averaged at US$ 40.9/ton and US$ 41.8 per ton respectively.

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 so far in 2016.