Society
19:40 22/01/2013
Tropical storm in Australia halts world's iron ore trade
A tropical storm intensifying off Australia's northwest coast brought nearly half the world's iron ore trade to a halt Tuesday, closing huge ports used by mining firms Rio Tinto and BHP Billiton.
Port Hedland, Dampier and Cape Lambert ports were in the process of closing on Tuesday as the tropical storm gathered strength in the Indian Ocean, sending dozens of vessels in search of safe harbors, the NBCNEWS reports.
Iron ore prices have gained support from concerns that Australia's cyclone season, which runs from November until April, will reduce supplies.
Most of the iron ore mined in Australia is contracted by Chinese steel mills, with Japanese and South Korean mills also big buyers.
Տեքստում սխալ կամ վրիպակ նկատելու դեպքում, ուղարկեք խմբագրին հաղորդագրություն` նշելով տվյալ սխալը, այնուհետև սեղմելով Ctrl-Enter:
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