In January-July 2024, Brazil increased iron ore exports by 8.8% year-on-year – to 218.4 million tons, Kallanish reports with reference to data from the country’s Ministry of Development, Industry and Foreign Trade.
The cost of supplies of this raw material increased by 13.2% y/y over the past 7 months – up to $18.3 billion on FOB Brazil terms.
In July, Brazil increased iron ore exports by 18.7% m/m and 24% y/y – up to 39.3 million tons. Its value in this period increased by 11.5% compared to June and 21.1% compared to July 2023 – up to $2.9 billion.
China was the main export destination for Brazilian iron ore in the last 7 months of this year, with 65% of supplies coming to this country. Malaysia was the next largest importer with a share of 5.5%, followed by Oman with 3.1%.
In 2023, Brazil increased iron ore exports by 10% compared to 2022 – up to 380.5 million tons. China is the largest consumer of iron ore – 260.9 million tons (+9% y/y), Malaysia – 21.1 million tons (+16% y/y), and Japan – 13.7 million tons (+18% y/y).
In January-June 2024, the global export of iron ore increased by 5% compared to the same period in 2023 – up to 751 million tons. The leading exporter of raw materials is Australia – 427 million tons (+2% y/y). Brazil ranks second in terms of export volumes.
As GMK Center reported earlier, in the near future the world market of iron ore is awaiting a serious update, by the end of the decade it is predicted to have a surplus. In the current year, the world production of iron ore, according to forecasts, will grow by 2% y/y and will reach more than 2.5 billion tons. The global maritime trade of this product last year amounted to about 1.6 billion tons.
