- Iron ore exports recover on stronger Australia, Brazil shipments
- Capesize eases as Supramax freight stays resilient
Global seaborne iron ore exports rebounded sharply by 13.6% w-o-w to 30.1 million tonnes (mnt) in the week ended 24 July, recovering from the previous week’s subdued performance. Higher cargoes from Brazil, Australia, South Africa and several West African exporters, including Liberia, Sierra Leone and Mauritania, lifted overall volumes.
Meanwhile, Guinea and Norway resumed shipments after remaining absent in the previous week. The gains more than offset lower exports from India, Chile, Canada and Sweden, reflecting stronger loading programmes across key iron ore producing regions.
Country-wise exports
Port & shipper-wise trends
- Australia: Port Hedland handled 10.45 mnt, followed by Port Walcott (3.82 mnt) and Dampier (2.34 mnt). Rio Tinto led shipments at 6.16 mnt, narrowly ahead of BHP (6.13 mnt), while FMG shipped 3.94 mnt. China remained the leading destination at 14.44 mnt, followed by Japan (1.15 mnt).
- Brazil: Ponta da Madeira handled 2.92 mnt, followed by Tubarao (2.05 mnt) and Itaguai (1.68 mnt). CSN & Vale jointly shipped 3.73 mnt, while Vale contributed 3.20 mnt. China remained the primary destination at 2.94 mnt.
- Canada: Sept-Iles handled 0.61 mnt, followed by Port Cartier (0.54 mnt). AMNS shipped 0.54 mnt, ahead of IOC (0.36 mnt). The Netherlands was the top destination at 0.36 mnt, followed by South Korea (0.18 mnt).
- South Africa: Saldanha handled 1.13 mnt, while Richards Bay loaded 0.17 mnt. China remained the leading destination, receiving 0.76 mnt.
- India: Paradip handled 0.18 mnt, followed by Dhamra (0.11 mnt). Rungta Sons led shipments at 0.11 mnt, while China remained the key destination at 0.16 mnt.
- Chile: Tocopilla handled 0.04 mnt, with Mexico receiving the entire cargo.
- Peru: San Nicolas handled 0.51 mnt, followed by Matarani (0.07 mnt). Shougang Hierro shipped 0.51 mnt. China remained the leading destination at 0.34 mnt, followed by South Korea (0.20 mnt).
- Guinea: Morebaya handled 0.21 mnt, with China accounting for the entire cargo volume.
- Liberia: Buchanan handled 0.46 mnt, remaining the country’s sole iron ore export terminal during the week.
- Mauritania: Nouadhibou handled 0.36 mnt, with cargoes primarily destined for China.
- Sierra Leone: Freetown handled 0.35 mnt, with China importing 0.18 mnt, remaining the largest destination.
- Norway: Mo i Rana handled 0.13 mnt. The Netherlands imported 0.07 mnt, followed by China (0.06 mnt).
- Sweden: Narvik handled 0.26 mnt, with The Netherlands receiving the entire shipment volume.
Freight market turns mixed as Capesize eases, Supramax stays resilient
The iron ore freight market turned mixed during the week as Capesize rates softened amid weaker Pacific fixture activity and easing chartering demand, while the Supramax segment remained resilient on the back of healthy minor bulk cargoes and tighter vessel availability.
Atlantic cargoes continued to lend support to sentiment, limiting downside pressure despite slower iron ore enquiries. Meanwhile, firm bunker prices encouraged owners to maintain rate expectations, preventing a sharper correction in the dry bulk market.
Outlook
Global iron ore exports are expected to remain well supported in the near term, driven by steady loading programmes in Australia and Brazil, improving shipment activity across West Africa, and sustained buying interest from key Asian importers.
Freight rates may remain mixed, with Capesize earnings likely to track Pacific cargo demand, while Supramax freight is expected to stay comparatively firm amid healthy minor bulk trade, balanced vessel availability and elevated bunker costs.
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