Brazil: Iron ore exports inch up by 3% m-o-m in Oct'24

• Improvement in trading activity seen
  
  
• Brazilian iron ore prices jump to $106/t
  
  

Brazil's iron ore exports edged up by 3% m-o-m to 33.33 million tonnes (mnt) in October 2024 compared to 32.51 mnt in September, as per vessel line-up data maintained with BigMint.

Exports to China remain stable

Brazil's iron ore exports to the world's largest importer, China, were recorded at 22.24 mnt in October, remained largely stable m-o-m against 22.29 mnt in September amid improved Chinese demand.

The Netherlands and Malaysia were the other major importers from Brazil in October, with 1.65 mnt and 1.41 mnt, respectively. While Oman imported 1.10 mnt (a rise of 57% m-o-m), around 0.14 mnt were shipped to the Japan, 86% decrease on m-o-m basis.

Port-wise exports

Ponta Da Madeira Port exported 16.47 mnt of iron ore in October, rose by 5% m-o-m compared to 15.67 mnt in September. Shipments from Itaguai Port were at 5.51 mnt, marginally up by 1% m-o-m, while those from Tubarao Port fell 22% m-o-m to 5.34 mnt.

Price trends

Monthly average Brazilian Fe 62.5% iron ore prices increased sharply by $10/tonne (t) m-o-m to $106/t CFR China against $96/t a month ago. Rising steel production, and an emphasis on both higher and medium-grade fines support a more competitive market for Brazilian iron ore, creating upward pressure on prices.

Outlook

Brazil's iron ore export shipments are likely to remain positive in the coming months. As demand from key importers like China, and firm pricing trends suggest that export volumes could edge higher or remain volatile.