By  Paul Ploumis 21 Jul 2015  Last updated at  03:51:50 GMT

TORONTO (Scrap Monster): According to latest trade statistics, the iron ore exports by Canada declined heavily during the month of May this year. The exports during the month totaled 3.35 million tons, down nearly 16.5% when compared with the previous year. Canada’s iron ore exports during May ‘14 had totaled 4.01 million tons.

The export price of iron ore during the month averaged at $71.4 per ton. The average export prices have dropped by 31% when compared with the previous year.

The year-to-date iron ore exports by Canada totaled around 13.978 million tons, at an average price of $80.8 per ton. The largest importer of Canadian iron ore during the five-month period of the year was France with imports of 2.61 million tons, accounting for almost 18.67% of the total Canadian exports during this period. In second place was the Netherlands with total imports of 2.43 million tons. The Chinese imports of iron ore from Canada totaled 696,000 tons during January to May this year.

The yearly iron ore exports by Canada had increased during 2014. The exports during the year had 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 33.55 million tons.