Brazil: Iron Ore Exports Marginally Down in June'19
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 29.40 MnT in June'19 (data complied is for 19 working days), down slightly as compared to May'19 exports at 29.83 MnT, according to trade statistics released by Brazil customs. On yearly basis, exports dropped 17% as against 35.31 MnT in June'19.
Brazil iron ore exports fell amid supply concerns from largest iron ore miner Vale. The miner in June'19 although resumed operation at its Brucuctu mines. However, the miner kept the sales guidance intact at 307 MnT- 332 MnT and informs that its current sales volume will be observed towards midpoint of the range.
The total exports for CY19 (Jan-June) has depicted 12% drop to 161.84 MnT as against 184.35 MnT in CY18 (Jan-June). 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.
Average iron ore prices up 7% in June'19
The average price of iron ore exported from Brazil for June'19 witnessed at USD 69.5/MT, up 7% on monthly basis as against USD 64.9/MT, FoB Brazil in May'19. The prices picked up on the back of rising global spot iron ore fines (Fe 62%) prices to five year high levels at USD 118/MT, CFR China during the month. Currently spot iron ore fines at USD 126.35/MT CFR, China.
On yearly basis, the average price of iron ore in June'19 witnessed almost 50% rise as compared to June'18 price at USD 46.5/MT, FoB.
source: SteelMint
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