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Record iron ore shipments moved through Australia's Port Hedland terminal in June, as BHP Billiton (NYSE:BHP) and Fortescue Metals (OTCQX:FSUMF) operated near full capacity and inventories rose at Chinese ports.
- Port Hedland shipments to China rose to 34.5M metric tons in June from 31.7M metric tons in May, breaking the previous record of 33.9M in March; total iron ore shipments from the port jumped to 41.8M metric tons in June, also a record, from 39.4M in May.
- Rising production amid a drop in Chinese steel production led Australia's government on Friday to cut its iron ore price forecast, citing concerns over slowing growth in demand.
- Other relevant tickers include RIO, VALE and CLF.