Author: Paul Ploumis13 May 2015 Last updated at 03:26:41 GMT

TORONTO (Scrap Monster): According to latest trade statistics, the iron ore exports by Canada surged higher during the month of March this year. The exports during the month totaled 3.24 million tons, up nearly 40% when compared with the previous year. Canada’s iron ore exports during Mar ‘14 had totaled 2.32 million tons. The March exports were up nearly 18% when compared with the previous month. Canada had exported 2.76 million tons of iron ore during February this year.

The export price of iron ore during the month averaged at $81.4 per ton. The average export prices have dropped by 10.50% when compared with the previous year. Month-on-month, average export prices dropped from $89 during the month before.

The largest importer of Canadian iron ore in March this year was France. The imports by France totaled 700,000 tons, accounting for just over one-fifth of the total exports by Canada. In second position was China with total imports of 660,000 tons during the month.

The year-to-date iron ore exports by Canada totaled around 8 million tons, at an average price of $85.9 per ton.

The yearly iron ore exports by Canada had increased during 2014. The exports during the year totaled 40.3 million tons, up nearly 6% when compared with 2013. However, the exports are likely to drop significantly during 2015. The annualized iron ore exports for 2015 are projected at around 32 million tons.