Brazil Iron Ore Exports Hit 7-Years Low in Apr'19
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 18.34 MnT in Apr'19, down 17% as compared to Mar'19 exports at 22.18 MnT, according to trade statistics released by Brazil customs.
Brazil exports for iron ore seems to be falling continuously for the last few months after Vale dam collapse on 25th Jan 2019. In Apr’19 figure seems to be seven years low and this level of exports were last seen in Jan'12 at 18.18 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.
As per Vale company reports, following the rupture of the Brumadinho dam rupture, Vale's iron ore fines annualized production impacted by the equivalent of about 92.8 MnT pa and pellets production impacted by 11MnT pa.
Average iron ore prices down 6% in Apr'19-: The average price of iron ore exported from Brazil for Apr'19 witnessed at USD 58.7/MT, down 6% on monthly basis as against USD 62.5/MT in Mar'19. On yearly basis, the average price of iron ore in Apr'19 witnessed 2% rise as compared to Apr'18 price at USD 57.4/MT.
source: SteelMint
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