Brazil: Iron ore exports down 7% in Nov'20

Brazil -world's second-largest iron ore exporter recorded drop in its iron ore export volumes in Nov'20. Export volumes stood at 29.2 mn t in Nov'20, down 7% as against 31.1 mn t in Oct'20, according to trade statistics released by Brazil customs.

On a yearly basis, exports stood almost stable as against 29.3 mn t in Nov'19.

Brazil iron ore export prices dropped slightly in Nov'20:
The average price of iron ore exported from Brazil for Nov'20 witnessed slight fall on a monthly basis to $88.7/t, FoB Brazil as against $89.7 in Oct '20. On a yearly basis, the average price of iron ore in Nov'20 rose as compared to Nov'19 price at $62.2/t, FoB Brazil.

Brazilian Vale recent updates:

"The miner is on the track to produce 400 mn t of iron ore by the end of 2022 or early 2023", said company's CEO Eduardo Bartolomeo. Also, Vale stated: "The return of Serra Leste is another step in the stabilisation of iron ore production and on the way to the return of the production capacity of 400Mtpa." Serra Leste is expected to produce 4-5 mn t pa in 2021 and may reach full capacity of 6 mn t pa by 2022.

However, Vale in its recent press release on 2nd Dec'20 notified that the company has reduced its iron ore production guidance to 300- 305 mn t as against previously set guidance at 310-330 mn t. Also, the miner expects to produce 315-335 mn t in CY '21.