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Australia Cyclone to Hit Iron Ore Trade as Ports Close
02/25/2013 - World trade in iron ore faces major disruption as an intense cyclone bears down on Western Australian shipping ports handling nearly half of the global supply, Reuters reports.
World trade in iron ore faces major disruption as an intense cyclone bears down on Western Australian shipping ports handling nearly half of the global supply, Reuters reports.
Ports in Australia's Pilbara iron belt -- handling around 500 million tonnes of ore this year -- have either closed or are in the process of being shut ahead of tropical cyclone Rusty, which meteorologists expect to cross the coast by Wednesday with wind gusts reaching up to 280 km per hour (170 miles per hour).
"Further intensification is likely as the cyclone approaches the coast on Monday and Tuesday and there is a high risk that it will cross the coast as a severe tropical cyclone," the Australian weather bureau said.
Most of the iron ore mined in Australia is contracted by Chinese steel mills, with Japanese and South Korean mills also big buyers…
