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Wet Season in Australia Offers Lift for Iron Ore -- Market Talk

5 Mar 2017 11:06 pm

2306 GMT [Dow Jones] A wetter wet season in Australia's iron-ore-rich west together with positive sentiment among China's steel producers may help explain why prices of iron ore have pushed well above market expectations, Macquarie suggests. The bank's weekly shipping data on all key ports in Western Australia shows iron-ore shipments, which were running at about 850M tons a year in the final quarter, declined to 801mtpa in January and 794mptpa in February. That's a modest decline but suggests that after benign wet seasons the past two years that the upper end of shipping guidance from Rio Tinto (RIO.AU) and BHP Billiton (BHP.AU) may not adequately account for a normal or above-average wet season, Macquarie says. (robb.stewart@wsj.com; Twitter: @RobbMStewart)

(END) Dow Jones Newswires

March 05, 2017 18:06 ET (23:06 GMT)

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