Thursday, January 10, 2013

Cyclone Narelle cuts fifth of global iron ore trade

A severe tropical cyclone off Australia's northwest coast that has shut ports handling a fifth of the world's globally traded iron ore and cut supplies of natural gas and oil intensified on Friday.

Cyclone Narelle strengthened into a category 4 storm, one short of the most severe category 5 cyclone, meaning wind gusts could reach 250 kmph (155 mph) by Saturday as it veers closer to land, according to the Australian Bureau of Meteorology.