Brazil iron ore exports in the month of Aug decreased by nearly 7% and recorded at 31.32 mn t as against 33.81 mn t in Aug’19, as per data released by Brazil customs. The figures released are by considering 21 working days of Aug’20 against 22 working days in Aug’19.
There was also a decline in its monthly iron ore export volumes to 31.33 mn t for Aug’20, down 8% as against 33.99 mn t in July’20, according to trade statistics released by Brazil customs.
Despite the rising Chinese demand and the end of the rainy season in China, the imports from Brazil stood on the lower side due to the surge in global iron ore prices. Also, port congestion in China remained a concern impacting import volumes in China.
Average iron ore prices increased in Aug’20:
The average price of iron ore exported from Brazil for Aug’20 witnessed 8% rise on a monthly basis to $ 75.6/t, FoB Brazil as against $ 70.3 in July’20 amid a hike in spot iron ore prices. However, on a yearly basis, the average price of iron ore in Aug’20 decreased as compared to Aug’19 price at USD 83.1/MT, FoB Brazil.
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