China, the world largest importer of Iron Ore and its import mainly from Australia, Brazil, South Africa & India
Australia – the leading iron ore exporter to China accounting for over 60% of total seaborne supplies – fell by 2% in CY19 vis-à-vis CY18.
Similarly, Brazil – the second biggest exporter – recorded a decline of 3% in total exports in CY19 compared to the previous year, due mainly to a tailings dam collapse of mining major Vale resulting in supply disruptions.
Indian fines exports, on the other hand, recorded a sharp surge of 91% in CY19 against CY18 thereby supporting margins of Chinese steelmakers.
Canada too, registered a 41% rise in exports in CY19. Looking to diversify iron ore sourcing, China is investing in mining projects in Canada, Peru and Guinea.
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