18-04-2016

Brazil iron ore exports surged higher during Q1 2016

iron

The most recent statistics released by Brazil’s Secretary of Foreign Trade (Secex) indicates significant rise in iron ore exports by the country during the initial quarter of the current year.

Brazil’s iron ore exports during January to March this year totaled 85.302 million tons, up by 7.5% when compared with the same period last year. The country’s iron ore exports had totaled 79.345 million tons during Jan-Mar ’15. The iron ore export price averaged at $24.80 FOB per ton, substantially lower by 49% when compared with a year before. The value of iron ore exports out of the country totaled $2.118 billion during the quarter.

The largest destination of iron ore exports from Brazil was China. The exports to China during the initial three-month period of the year totaled 45.82 million tons, accounting for nearly 54% of the total exports by Brazil during the month. The second largest destination of Brazil’s iron ore exports was Malaysia. The exports to Malaysia totaled 7.879 million tons, accounting for 9.2% of the country’s total exports. The other key importers of Brazilian iron ore were Japan (7.203 million tons), Netherlands (5.431 million tons) and Korea (2.415 million tons).

Meantime, the country’s iron ore exports during the month of March alone amounted to $776 million, substantially lower by over 44% when compared with the exports during March 2015. The drop in exports was mainly due to declining prices in the midst of market supply glut. The exports averaged at $25.60 per mt, significantly down by 43.2% over the previous year. Also, the country’s iron ore exports to the EU countries dropped from 9.72 million tons during Q1 2015 to 8.91 million tons during the initial three-month period this year.

Source: Scrap Monster

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