Bloomberg reported that iron ore shipments from Australia advanced to a record in October as a strengthening Chinese economy boosted demand.
According to government data compiled, exports gained 7.6% from September to 44.2 million metric tonne. Shipments to China climbed 11% to 34 million tonne.
The National Bureau of Statistics said that China’s industrial output surged 10.1% in November from a year earlier, after advancing 9.6% in October. The data bolster prospects that the world’s second largest economy and the biggest buyer of iron ore is set to rebound after a Q7 slowdown. Gross domestic product may expand 7.7% in the three months through December from a year earlier.
According to data compiled by The Steel Index Ltd, iron ore with 62% content delivered to the Chinese port of Tianjin climbed 2.2% to USD 121 a dry tonne on December 7th, the highest since November 19th. Prices gained 14% in October after advancing 17% in September.