Brazil ships less iron ore to China in Aug. 2014

Sep 18, 2014 09:06

Source:SMM

According to latest trade data published by Brazil’s Ministry of Industry, the country’s iron ore exports dropped significantly during the month of August this year.

Author: Paul Ploumis17 Sep 2014 Last updated at 08:22:18 GMT

SAO PAULO (Scrap Monster): According to latest trade data published by Brazil’s Ministry of Industry, Development and Foreign Trade (MDIC), the country’s iron ore exports dropped significantly during the month of August this year. China remained the top export destination, accounting for 56% of the total iron-ore exports by Brazil during the month.

The iron ore exports by Brazil to China totaled 14.7 million mt during Aug ’14, 12% lower when compared with the exports during the same month a year ago. The Brazilian iron ore exports to China had totaled 16.7 million tons during August last year. When compared with the previous month, the exports to China dropped 9%. The exports had totaled 16.2 million mt during July ’14.

The value of exports plunged during the month, on account of lower prices. The exports were valued at $897 million FOB, 32% lower when compared with $1.3 billion FOB during the same month a year ago. The iron ore prices witnessed a drastic fall from $78.75/mt FOB a year ago to $60.77/mt.

The second largest destination of Brazilian iron ore exports was Japan. The ore exports to Japan totaled 2.45 million mt during Aug ’14, 6% lower when compared with the ore shipments during the same month a year ago. The ore exports to Japan had totaled 2.6 million mt during August last year.

However, the August ’14 exports to Japan were up 2% when compared with the previous month. The ore exports from Brazil to Japan had totaled 2.4 million mt.

The value of ore exports to Japan fell 23% from $239.9 million FOB in Aug ‘13 to $184.2 million FOB in August this year.

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Brazil ships less iron ore to China in Aug. 2014

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