Brazil: Iron Ore Exports Down 9% in Nov'18

World's second largest exporter of iron ore - Brazil has recorded 9% decline in iron ore export volumes to 33.97 MnT in Nov'18 as compared to Oct'18 exports at 37.2 MnT, according to trade statistics released by Brazil customs.

Amidst liberal winter production curbs this year, Chinese mills showed low buying interest for high grade Brazilian iron ore such as Carajas fines resulting in lower exports from Brazil.

On yearly basis, Iron ore export by Brazil witnessed slight decline in Nov'18 as against 34.15 MnT in Nov'17.

Average iron ore prices down in Oct'18

The average price of iron ore exported from Brazil for Nov'18 witnessed at USD 54.8/MT, down by 2% on monthly basis as against USD 55.7/MT in Oct'18. The narrowing steel margins and efforts to reduce cost of production resulted in iron ore price drop in Nov'18.

The average price of iron ore in Nov'18 witnessed a rise of 23% compared to Nov'17 price at USD 44.6/MT.