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Iron Ore Demand Drives Record Trade Surplus

A record trade surplus for May should be followed by a similar result for this month after successive five year plus highs for iron ore prices this week.

A surge in iron ore prices and higher tonnages from the Pilbara iron ore province in WA pushed the trade surplus to a record $5.7 billion in May in seasonally adjusted terms, topping the previous record of $4.8 billion set in April according to the May trade data from the Australian Bureau of Statistics.

Data from the Pilbara Ports Authority showed that iron ore exports hit an 11 month high in May of more than 38 million tonnes, with over 37 million tonnes heading to China.

Anglo Pacific Group PLC (LON:APF) has a 1.5% life of mine GRR over three exploration tenements in the central Pilbara region of Western Australia owned by a wholly-owned subsidiary of BHP Group (LON:BHP), which is dual-listed on the LSE and ASX.

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