Port Hedland regularly sets records either for house prices or for iron ore exports. Last month the price of iron ore fell suddenly to $86.70. In the same month a shipment of iron reached another record with 248,366 tonnes of iron ore loaded on to one ship by BHP.
But according to a report in the West Australian newspaper, “Port Hedland authorities have reported a 9.5 per cent fall in iron ore shipments to China.
Iron ore demand, a key indicator of industrial activity in China, fell by 9.5 per cent in September from the previous month to be flat on the year, port authority data showed.
September shipments to China dipped to 15.13 million tonnes, down from 16.72 million tonnes in August, according to the Port Hedland Port Authority.“
Iron ore prices currently trade at just above $100t. Is this the tipping point of the boom-bust cycle for Port Hedland? If the resting price of iron ore is around $100, what will be the resting price for houses in Port Hedland?