Author: Paul Ploumis
06 Jan 2015 Last updated at 03:14:03 GMT
BRASILIA (Scrap Monster):The exports from Brazil increased by 18 percent in the last month, an reached to 37.4 million metric tonnes, when compared with the production of 31.8 million tonnes of iron ore in the previous year. The Ministry of Development, Industry and Trade, in the country stated that, it is the highest monthly iron ore volume since the month of April in the year 2005.
The price of iron ore declined to 47 percent in the year 2014, the three top iron ore producers in the world, Vale, Rio Tinto, and also BHP Billiton increased their production, and expanded the supply glut in the global market, just when the economic growth as well as the demand for iron ore in China; the world’s largest consumer of iron ore, slumped. Vale, based in Rio de Janeiro, expects the production of iron ore will increase to at least 340 million metric tonnes in the year 2015.
In the month of Decemeber, the iron ore from Brazil, was exported at an average price of 53.3 dollars per tonne, which is a huge decline from 100.80 dollars per tonne in the beginning of last year. The Ministry stated that the decline in the price of the iron ore has lowered the export revenue of the commodity by about 38 percent, and the revenue is now noted to be 1.99 billion dollars.