Steel Products
NW Australian Storm Shuts Ports – Affects Iron Ore Trade
Written by Sandy Williams
January 23, 2013
A tropical storm shut down ports in Australia on Tuesday stopping shipment of nearly half of the world’s iron ore trade. Port Hedland, Dampier and Cape Lambert shut down operations as vessels moved out to sea and away from the area. The ports service the mines Rio Tinto, BHP Billiton, Fortescue Metals Group and Atlas Iron. The Bureau of Meteorology is warning that the storm may develop into a Category 3 cyclone on Wednesday with wind gusts to 62 miles per hour between Port Hedland and Dampier.
The a region of northwest containing the majority of Australia’s iron ore mining companies, is in the “cyclone alley” which produces seven or more cyclones per year. Fear of weather related reduced iron ore supply from Australia has contributed to fluctuations in iron ore prices.
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Service centers: Mill orders retreat in March
SMU’s Mill Order Index declined in March after repeated gains at the start of the year, according to our latest service center inventories data.
Nucor maintains plate prices
Nucor aims to keep plate prices flat with the opening of its June order book.
US rig count up, Canada declines
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.
US, offshore CRC prices continue to diverge
US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.
S232 lifts EU HR price over US, Asian HR still well behind
Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.