Iron ore shipments from Australia's top shipping terminal reached a record in 2024, even as top customer China has seen a slowdown in its steel output. Exports of the steelmaking material from Port Hedland in Western Australia reached 47.6 million tons in December, down more than 4% from the year before, according to Pilbara Ports Authority data and Bloomberg calculations. Still, that put full-year cargoes at about 569 million tons, beating the previous record of 560 million tons set in 2022. Iron ore prices slumped by more than a quarter in 2024, as China's economic problems and real estate-sector crisis weighed on demand. At the same time, big miners in Australia and Brazil have boosted supplies. Port Hedland handles cargoes for producers including BHP Group and Fortescue Ltd., and its operations are a useful proxy for nationwide flows.