The 2nd largest iron ore exporter, Brazil exported 30 MnT iron ore in Feb’16. Iron ore exports from Brazil surges 19.6% on monthly comparison to Jan’16 (25.03 MnT).
However, Brazilian iron ore exports volume grew 18.5% Y-o-Y, as it was 25.3 MnT prior this year.
Amid slump in global iron ore prices, Brazilian iron ore export prices are dropped down by USD 27.3/MT Y-o-Y. The average export price for Brazilian iron ore was around USD 22.9/MT FoB in Feb’16, down from USD 50.2/MT FoB, in the corresponding month last year.
On the other hand, Vale’s largest iron ore project, S11D at Carajas complex is expected to start operations in the second half of 2016. The production capacity of S11D project will be 90 MnT pa. The total investment in the project, including the logistic part, is estimated to be around USD 16.3 billion.
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