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Roy Hill's inaugural shipment of iron ore to reach China this week

Xinhua, April 4, 2016 Adjust font size:

The inaugural shipment of iron ore from Australia's Roy Hill mine in Western Australia to China is expected to arrive in the country on Thursday.

The landmark West Australian mining project is one of the largest ever undertaken in Australia, majority owned by Gina Rinehart's Hancock Prospecting.

Senior executives from Hancock Prospecting will attend a ceremony at the Port of Caofeidian in China's Heibei province on Thursday to mark the occasion.

The 177,300 tonne shipment of low phosphorous ore departed Roy Hill's Port Hedland wharf in late March.

Hancock Prospecting executive director Tad Watroba told Fairfax Media the iron ore market was likely to stabilize at the current levels after hitting a record low of 38 U.S. dollars a tonne in December as volatility in the area subsides.

"We are hopeful it will stay around the $US55 to $US60 a tonne range for the rest of the year," Watroba said.

"I went to the Boao Forum recently and (China's) Premier (Li keqiang) was really quite optimistic in terms of infrastructure and projects, so we see that as a good signal for demand. Of course, you will see prices move around, like any commodity, but we are happy with what we see on the ground." Endit