Brazil, the 2nd largest exporting country after Australia, exported 39.5 MnT iron ore in Dec’15. Export in Dec’15 hit a monthly record high.
Export in Dec’15 rose 41% M-o-M, which was about 28 MnT in Nov’15. Cumulatively, the country imported 366.5 MnT of iron ore during Jan-Dec’15 compared with 344.4 MnT during the same consecutive year before.
However in Dec’15, export rose 6.3% Y-o-Y and stood at 39.5 MnT against 37.39 MnT in Dec’14.
As we all know that, Brazil accounts for about 25% of the global market share of iron ore’s seaborne trade volume. Also, Brazil is home to one of the largest mining companies, Vale.
Vale’s S11D project, one of the biggest project ever, is becoming one of the main cause pressurizing iron ore prices. In the meantime, global iron ore prices may touch to a level of USD 30/MT.
Despite, Vale is one of the major iron ore producers, facing debt-ridden due to current global iron ore market condition, which is facing both supply and demand problem, could be one of the reasons for Vale’s decline.
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