Drop seen in iron exports from Oz port

Iron ore shipments to China through Australia's Port Hedland were down modestly to 14.0 million tons in March from 14.58 million tons in February, according to port authority data, in part reflecting weather-related disruptions to shipping.

Total iron ore shipments from the port dropped to 18.66 million tons in March from 19.58 million tons a month earlier, according to the data.

Port Hedland authorities closed the anchorage for 66 hours and the port for a total of 52 hours in mid-March due to Tropical Cyclone Lua, which has crossed the coast 100 kilometers (60 miles) north of the facility.

BHP Billiton is the port's biggest user, followed by Fortescue Metals Group Ltd.

Both companies ship the bulk of their ore to China.

Japan was a distant second, importing 2.30 million tons in March via Port Hedland and South Korea No. 3 with March imports of 1.63 million tons.

Benchmark iron ore with 62 percent iron content was trading steady at $147.60 a ton, based on data from Steel Index, near the five-month high of $147.70 reached last week.

Shanghai steel rebar futures rebounded after hitting one-month lows yesterday, tracking gains in equities.