![Purchases from steel mills in China may have slowed before a week-long national holiday, which ends October 7.](/web/20151003110130im_/http://www.theage.com.au/content/dam/images/g/j/4/9/2/e/image.related.articleLeadwide.620x349.gk0eus.png/1443808698955.jpg)
Purchases from steel mills in China may have slowed before a week-long national holiday, which ends October 7. Photo: Bloomberg
Iron ore exports from Australia's Port Hedland hit an all-time high last month, surpassing the record set in August, as miners boosted shipments via the world's largest bulk-export terminal.
Exports totalled 39.4 million metric tons in September from 39.2 million tons the prior month and 36.3 million tons a year earlier, according to data from the Pilbara Ports Authority. Shipments to China were little changed at 33.8 million tons from the record 33.9 million tons set a month earlier. Purchases from steel mills in China may have slowed before a week-long national holiday, which ends October 7.
Australian iron ore exports have been volatile this year in contrast with forecasts for a steady rise, with stronger volumes followed by periods of weakness, Citigroup Inc. said on September 28. Export volumes are the single largest driver of iron ore prices, according to the bank, which predicts that new supply from Gina Rinehart's Roy Hill mine will contribute to a slump below $US40 a ton next year.
Port Hedland handles cargoes from BHP Billiton and Fortescue Metals Group, the country's largest producers after Rio Tinto Group.
Ore with 62 per cent content at Qingdao retreated 0.5 per cent to $US56.04 a ton on Thursday, according to data from Metal Bulletin Ltd. Prices bottomed at $US44.59 in July, a record in daily data dating back to May 2009.