Iron-ore shipments from Australia’s Port Hedland, the world’s largest bulk export-terminal, expanded to the third-highest level on record, signalling that a global surplus is set to persist.
Exports totaled 39.4-million metric tons last month from 37.7-million tons in April and 38-million tons a year earlier, according to data from the port authority. Shipments were a record 39.5-million tons in March.
