- Brazilian exports fall 23% amid competition from Australian ore
- Ample inventories at Chinese ports reduced immediate import needs
Iron ore (including pellets) exports from key global producers – Australia, Brazil, South Africa, and India – fell m-o-m in the first month of CY’26. This was fuelled by ample iron ore inventories piling up at the Chinese ports, which led to reduced urgency in any aggressive buying from major global buyers.
Australian exports drop by 11% m-o-m
Australia’s iron ore and pellet export shipments stood at 76.6 million tonnes (mnt) in January 2026, down 11.4% against 86.5 mnt in December 2025, according to vessel line-up data compiled by BigMint. However, shipments rose by 19.8% y-o-y against 63.9 mnt in January 2025.
China remained the top importer, receiving 64.6 mnt, followed by South Korea at 4.6 mnt and Japan at 4.1 mnt. Rio Tinto was the leading exporter at 25.9 mnt, trailed by BHP at 24.1 mnt and FMG at 18.7 mnt.
Shipments fell m-o-m as the global demand remained slow during New Year holidays and elevated inventories in China limited aggressive bookings. This was evident from the weakening global Fe 61% benchmark prices, which made buyers remain cautious regarding procurement even as sellers offered heavy discounts. Also, generally global miners ramp up output in order to fulfill guidance.
Exports from Brazil plunge by 23% m-o-m
Brazil’s iron ore exports dropped by 22.7% m-o-m to 28.99 mnt in January 2026 against 37.52 mnt in the past month. Meanwhile, exports increased by 6.3% y-o-y from 27.26 mnt in January 2025.
China remained the largest importer, taking in 18.39 mnt, followed by India at 0.87 mnt and Bahrain at 0.86 mnt.
Exports declined sharply due to stiff competition from Australian ore, reducing its attractiveness in the market. Scheduled maintenance at key Brazilian export terminals also temporarily slowed ore flows to global markets.
Meanwhile, steel mills-especially in China remained cautious in their procurement, limiting purchases to routine restocking rather than large import volumes ahead of the Lunar New Year holidays.
South African exports drop by 5% m-o-m
South Africa’s iron ore exports stood at 4.73 mnt in January 2026, a drop of 4.8% m-o-m against 4.97 mnt in December, as per vessel line-up data maintained by BigMint. Moreover, export volumes edged down by 2.5% against 4.85 mnt in Jan’25.
China remained the leading importer with 1.81 mnt, followed by the Netherlands at 0.51 mnt.
The drop was mainly due to Transnet’s scheduled maintenance shutdown on the key Sishen-Saldanha rail corridor, which temporarily halted flows to the export terminal, compounded by persistent logistical inefficiencies and equipment shortages at ports that continued to restrict throughput.
India’s exports fall 6% m-o-m
India’s iron ore and pellet exports fell by 6.3% m-o-m to 3.3 mnt in January 2026 from 3.52 mnt in December. However, iron ore and pellet exports increased by 62% y-o-y against 2.04 mnt in the same period last year.
China remained the largest importer with 2.56 mnt, followed by Malaysia with 0.27 mnt.
Export sentiment remained cautious with strong competition in the seaborne market due to high inventories and alternative supplies, while Chinese mills continued to run below full capacity. Single-mine cargoes saw relatively better interest, but buyers remained cautious, with most mills preferring more cost-effective port-based material.
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