Brazil's iron ore exports in Jan '15 ends on weak note

Author: Paul Ploumis03 Feb 2015 Last updated at 00:32:01 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 sharply during the first month of the New Year. The average export price witnessed huge cuts during the month.

 

The country’s exports of iron ore during Jan ’15 totaled 23.3 million mt, 5.6% down when compared with the exports during the same month a year ago. Brazil had exported 24.7 million mt of iron ore during Jan ’14. Meantime, the total value of exports dropped over 50% from $2.48 billion in Jan ’14 to $1.19 billion in Jan ’15. This is on account of sharp year-on-year fall in iron ore prices during the period. The iron ore prices nearly halved from $100.5 per mt FOB in Jan ’14 to $51.4 per mt FOB in Jan ’15.

 

The key export destinations of Brazilian iron ore during Jan ’15 were China, Japan and South Korea.

 

When matched with the previous month, the country’s iron ore exports during Jan ’15 plunged 37.7%. The country’s exports of iron ore during Dec ’14 had totaled 37.393 million mt. The value of exports had totaled $ 1,992.824 million and the export price had averaged at $53.30 per tonne in Dec ’14.

 

The country posted a wider-than-expected trade gap during the month, with imports and exports dropping considerably. Imports dropped almost 12% year-on-year. Overall exports declined 10.4% with significant cuts in export of iron ore and other key commodities.