World’s second largest exporter of iron ore – Brazil has recorded iron ore export volumes at 33.16 MnT in Jan’19, stable as compared to Dec’18 exports at 33.20 MnT, according to trade statistics released by Brazil customs. On yearly basis, Iron ore export by Brazil increased 9% compared to Jan’18 exports at 30.44 MnT.
For FY’19 (Apr-Jan’19), Brazilian iron ore exports increased 7% to 343.22 MnT as against 319.34 MnT in FY18 same period.
Brazilian miner Vale- world’s largest iron ore producer underwent collapse at its dam at Corrego do Feijao mine in Minas Gerais in Brumadinho, Brazil on 25th Jan’19. After the recent mishap, Iron ore miner Vale has announced plans to halt 40 million tonnes of iron ore production including 10-11 million tonnes of pellet production. In further couse of action they are planning to decommission tailing dams similar to the one that burst last week. The mishap is expected to reflect drop in exports from Brazil for months to come. Following Vale dam tragedy, spot iron ore prices have shot up sharply from end Jan’19 at around USD 75/MT to USD 87/MT towards early Feb.
Average iron ore prices down 7% in Jan’19
The average price of iron ore exported from Brazil for Jan’19 witnessed at USD 51.4/MT, down 7% on monthly basis as against USD 55.2/MT in Dec’18.
The average price of iron ore in Jan’19 witnessed 2% rise as compared to Jan’18 price at USD 50.3/MT.
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