Brazil: Iron Ore Exports Drop to Six Years Low in Mar'19
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 22.18 MnT in Mar'19, down 23% as compared to Feb'19 exports at 28.93 MnT, according to trade statistics released by Brazil customs.
The exports for Mar'19 fell to six years low and this level of exports were last seen in Feb'13 at 20.67 MnT. The drop is owing to Vale mishap which led to decommissioning of various mines and dams consequently led to production drop by the miner.
Vale underwent collapse at its dam at Corrego do Feijao mine in Minas Gerais in Brumadinho, Brazil on 25th Jan'19. Post which the miner had to shut operations at numerous mines and expects loss in production for the year. On 2nd Apr'19, the miner disclosed that it failed to receive renewal at it 17 operational structures of which 7 are upstream tailing dams. Vale slashed 2019 iron ore sales forecast by 20% (75 MnT).
Average iron ore prices up 18% in Mar'19
The average price of iron ore exported from Brazil for Mar'19 witnessed at USD 62.5/MT, up 18% on monthly basis as against USD 52.9/MT in Feb'19. The average price of iron ore in Mar'19 witnessed 12% rise as compared to Mar'18 price at USD 56/MT.
source: SteelMint
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