* Iron ore shipments from Port Hedland to China up 9 pct in
* Shanghai rebar, Dalian iron ore fall to multi-week lows
(Updates prices, adds coking coal and coke)
By Manolo Serapio Jr
MANILA, Sept 7 Chinese iron ore futures tumbled
nearly 4 percent on Wednesday as steel prices touched a six-week
low after recent gains, with expectations of additional supply
this year seen weighing on the steel-making commodity.
"We remain bearish on the ferrous metals market," Hui Heng
Tan, analyst at Marex Spectron said in a note.
"With the continuing headwinds faced by demand,
macroeconomic conditions and the anticipated additional supplies
in the coming months, it does not bode well for iron (ore)
Iron ore shipments to China from Port Hedland terminal in
top exporter Australia rose to 35.44 million tonnes in August
from 32.5 million tonnes in July.
Cargoes from Port Hedland are likely to rise in the
forthcoming months as the new Roy Hill mine developed by
Australian billionaire Gina Rinehart's Hancock Prospecting ramps
up to full capacity of around 55 million tonnes by year end.
Iron ore for January delivery on the Dalian Commodity
Exchange closed down 3.7 percent at 407.50 yuan ($61)
a tonne, having hit 406.50 yuan earlier, the lowest since Aug.
On the Shanghai Futures Exchange, construction-used rebar
ended 4 percent lower at 2,334 yuan per tonne after
falling as low as 2,330 yuan, its weakest since July 27.
Other steel-making ingredients also tumbled with Dalian coke
losing 6.4 percent and Dalian coking coal
dropping 3.7 percent.
Some traders remain hopeful that steel prices in China, the
world's top consumer, will strengthen this month and next during
a seasonally brisk period for demand.
"September and October are peak seasons for steel demand and
port stocks (of iron ore) are dropping so mills will be
restocking," said a Shanghai-based trader.
Inventory of imported iron ore at Chinese ports dropped for
a fifth week in a row to 103.8 million tonnes on Sept. 2,
according to SteelHome consultancy. SH-TOT-IRONINV
Iron ore for delivery to China's Tianjin port .IO62-CNI=SI
was little changed at $58.60 a tonne on Tuesday, according to
The Steel Index. The spot benchmark has gained 37 percent this
($1 = 6.6646 Chinese yuan)
(Reporting by Manolo Serapio Jr.; Editing by Sherry