Brazil Iron Ore Exports Down 12% in Aug’19
World's second largest exporter of iron ore - Brazil has recorded iron ore export volumes at 30.11 MnT in Aug'19, down 12% as compared to July'19 exports at 34.27 MnT, according to trade statistics released by Brazil customs. On yearly basis, exports dropped 15% as against 35.62 MnT in Aug'18. The data compiled is for 22 days.
Brazil iron ore exports fell amid supply concerns from largest iron ore miner Vale. The miner on 15th Aug’19 , reported temporarily operations halt at its Viga concentration plant, which is part of newly acquired Ferrous Resources do Brasil (acquired on 1st Aug’19), due to permit issues.
The total exports for CY19 (Jan-Aug) has depicted 12% drop to 226.22 MnT as against 255.97 MnT in CY18 (Jan-Aug). 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 11% in Aug'19
The average price of iron ore exported from Brazil for Aug'19 witnessed at USD 82.7/MT, FoB Brazil up 11% on monthly basis as against USD 74.7/MT, FoB Brazil in July'19. The prices increased amid rising global supply constraints.
On yearly basis, the average price of iron ore in Aug'19 witnessed 80% rise as compared to Aug'18 price at USD 46.1/MT, FoB.
source: SteelMint
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