Iron ore export levels out of the Pilbara explode

The Pilbara Ports Authority exported 21 per cent more iron ore this year.

Iron ore exports for the year totalled 439.6 Mt, an increase of 75.2 Mt or 21 per cent from the previous year.

Iron ore exports in June totalled 38.3 Mt, an increase of 4.7 Mt or 14 per cent from the same time last year.

The news comes as iron ore suffered another price crash overnight, shedding 5 per cent of its value.

Benchmark iron ore for immediate delivery to the port of Tianjin in China was last trading at $US55.80 per tonne.

Iron ore is trading at its lowest point in over two months, as the commodity’s tumultuous year continues.

Iron ore entered 2015 valued at $US71.26 per tonne after a horror 2014 which saw it lose 47 per cent of its value.

But the price soon started to head south at a pace no one accounted for.

By April 2, iron ore was trading at a record low of $US46.70 per tonne, forcing companies to mothball operations and cut thousands of jobs.

In the same month, from April 16, iron ore made a 33 per cent rally which saw it rise above $US60 per tonne again.

On June 12, it was valued at $US65.40 per tonne, but most predicted the high would not last.

ANZ says the commodity is likely to fetch $US53 per tonne in coming months, while Goldman Sachs was even more bearish, stating iron ore will average $US49 a tonne in the third quarter.

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