World’s second-largest exporter of iron ore – Brazil has recorded iron ore export volumes at 34.7 MnT in Jul’19, increased 17% as compared to Jun’19 exports at 29.40 MnT, according to trade statistics released by Brazil customs. However, on yearly basis exports, dropped by 5% as against 35.96 MnT in Jul’19.
The miner announced that it is set to resume operations at its Brucutu mines in June’19, recovering 30 MnT of production capacity. World’s largest iron ore miner- Vale on 23rd July’19 received approval from National Mining Agency (ANM) for the partial resumption of dry processing at Vargem Grande Complex.
The total exports for CY19 (Jan-Jul) have depicted 11% drop to 196.54 MnT as against 220.35 MnT in CY18 (Jan-Jul). 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 7% in Jul’19-: The average price of iron ore exported from Brazil for Jul’19 witnessed at USD 74.7/MT, up 7% on monthly basis as against USD 69.5/MT, FoB Brazil in Jun’19. The prices picked up on the back of rising global spot iron ore fines (Fe 62%) prices to levels at USD 126/MT, CFR China during the month. Currently spot iron ore fines index is at USD 113.9/MT CFR, China.
On yearly basis, the average price of iron ore in Jul’19 witnessed 48% rise as compared to Jul’18 price at USD 50.4/MT, FoB.
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