Port Hedland Ships a Record Iron Ore Tonnage of 1.2 million in a Single Tide

CANBERRA (Scrap Monster): Port Hedland during the weekend attained a record level by shipping more than 1.2 million tonnes in a single tide. Port Hedland is the largest iron ore port in Australia.

Authorities said that it had shipped around 1,270,721 tonnes of iron ore during the weekend, thus beating the record tonnage of April by more than 160,000 tonnes. The shipping was carried out by using seven capesize bulk carrier ships in one tidal movement. It is the very first time that seven capesize bulk carriers have left on single tide.

Port set a record of total amount of iron ore shipped in the month of May. It has shipped above 36 million tonnes of iron ore at that time. These record values of iron ore shipment from the port are making a significant impact on Australia’s economy. In the recent months due to the high production volumes by the big mining companies like Fortescue, BHP and Rio Tinto, the market price of iron ore has been declining rapidly than the value of Australian dollar. The companies are increasing their iron ore production in order to maintain the profit margins.

Apart from this, the increased production is a part of capacity built during the mining investment boom. The investment boon in mining is a much talked about subject. People have worried about the economic effects and the end of this phase. The GDP of Australia in the first quarter was at a high level of 3.5 percent, which was resulted mainly due to 1.4 percent growth in the mining industry. It has lead to a great growth momentum in the economy. The non mining field such as construction field will also have a big upswing shortly due to the record interest rates.