By Jason Scott
Jan. 7 (Bloomberg) -- BHP Billiton Ltd., the world’s biggest mining company, shipped 5 percent more iron ore from Australia in December than in November, when exports hit a nine-month low on plunging demand from China.
The world’s third-biggest iron ore producer exported 10.6 million metric tons from Western Australia in November, according to the Port Hedland Port Authority Web site. That’s more than the 10.1 million tons shipped in November.
Steel, which has slumped by half since trading at a record in July, may be poised for a rebound as mills in China, the world’s largest producer of the metal, gain from infrastructure spending. China plans 4 trillion yuan ($585 billion) of spending on housing, roads, railways and airports.
Iron ore, a raw material used in steelmakers’ furnaces, has risen 24 percent since Oct. 31, when it reached the lowest in three years, according to data compiled by industry publication Metal Bulletin. Steel has dropped for five consecutive months, according to Steel Business Briefing.
BHP rose 3.7 percent to A$32.88 at 12:26 p.m. Sydney time on the Australian stock exchange.
To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net
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