Iron Ore - Modest seaborne export growth continues - Westpac

Analysts at Westpac explained that Australian iron ore exports for May so far are telling a story of continued modest growth. 

Key Quotes:

"After an estimated 68.73mt of iron ore exports in April (up 1.68%3myy), May port activity suggests 70.99mt (up 3.78%3myy).

Adding a bit of weight to the rising global supply theme, exports from Brazil for the month of May so far also suggest modest growth. 

After an estimated 29.6mt of iron ore exports in April, port activity suggests 31.8mt for the month of May. 

That would imply a modest 1.29%3myy rate of growth for iron ore exports from Brazil, although this remains well below market expectations given additional supply from S11D."