Brazil -world’s second-largest iron ore exporter recorded drop in its iron ore export volumes in Oct’20. Export volumes stood at 31.2 mn t in Oct’20, down 9% as against 34.1 mn t in Oct’19, according to trade statistics released by Brazil customs. The exports dropped amid fewer working days due to week long Golden week holidays in October.
The exports fell 18% m-o-m in Oct’20 as compared to 37.9 mn t in Sep’20.
Brazil iron ore export prices up 44% y-o-y in Oct’20:
The average price of iron ore exported from Brazil for Oct’20 witnessed 44% rise on a yearly basis to $89.7/t, FoB Brazil as against $62.2 in Oct’19. On a monthly basis too, the average price of iron ore in Oct’20 rose as compared to Sep’20 price at $81.7/t, FoB Brazil.
Vale eyes 400 mnt iron ore output by early CY’23
The miner is on the track to produce 400 mn t of iron ore by the end of 2022 or early 2023, said company’s CEO Eduardo Bartolomeo said. Currently, the company is producing about 1 mnt of ore daily.
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