Iron ore shipments from Australia’s top shipping terminal reached a record in 2024, even as top customer China has seen a slowdown in its steel output.

Exports of the steelmaking material from Port Hedland in Western Australia reached 47.6 million tons in December, down more than 4% from the year before, according to Pilbara Ports Authority data and Bloomberg calculations. Still, that put full-year cargoes at about 569 million tons, beating the previous record of 560 million tons set in 2022.

Iron ore prices slumped by more than a quarter in 2024, as China’s economic problems and real estate-sector crisis weighed on demand. At the same time, big miners in Australia and Brazil have boosted supplies. 

Port Hedland handles cargoes for producers including BHP Group and Fortescue Ltd., and its operations are a useful proxy for nationwide flows. The Australian government has estimated that export volumes for the biggest iron ore-exporting nation will rise steadily, increasing by about 1.7% annually over the next two years, according to a recent review.

Exports from the second largest producer Brazil have also been trending higher, although they were also down slightly in December. Vale SA, Brazil’s top miner, has set a target of shipping out 335 million tons in 2025.

The world’s largest consumer of iron ore, China, brought in a record 1.2 billion tons last year, customs data shows. At the same time, the country has been stockpiling the ore, with port-side stocks at 14.7 million tons as of January 10, up from 12 million tons around the same period last year.