Seaborne iron ore prices picked up on Thursday January 11 following news of a cyclone in Western Australia that led to the closure of Port of Port Hedland.
Key driversTropical Cyclone Joyce formed off the west coast of Western Australia earlier in the day and is expected to intensify in the evening as it moves toward the coast in a south to south-westerly direction, the Pilbara Ports Authority said in the afternoon.The clearing of vessels from the port commenced from 7am local time and continued throughout the day. The port - Australia's largest iron ore shipment hub - would be officially closed in the evening once all vessels had been cleared, Pilbara Ports Authority said. It added that it would continue to monitor the weather system at ports in the region, including Dampier, another major iron ore terminal from which Rio Tinto typically exports its cargoes.The closure of the Port of Port Hedland, which is mainly used...