By Carolina Curiel (ScrapMonster Author)

April 22, 2016 06:30:07 AM

SANTIAGO (Scrap Monster): The trade data released by Chilean and Russian authorities indicate that iron ore exports dropped significantly during the month of January this year.

According to data published by the Russian Customs authorities, the country’s iron ore exports totaled 749,000 tons during the first month of the year. The exports plunged heavily by 55.7% when compared with those during the same month a year before. The country had exported 1.69 million tons of iron ore during January last year. The average export price too fell nearly 15% year-on-year to $47 per ton in Jan ’16.

The largest destination of Russian iron ore exports was China. The ore exports to China during January this year totaled 208,000 tons, accounting for nearly 28% of the total Russian exports. The export price to China averaged at $38.10 per ton. The second largest importer of Russian iron ore was Finland. The Russian ore exports to Finland totaled 193,000 tons at an average price of $59.3 per ton. In third place was Slovakia with imports of 105,000 tons. The exports price to the country averaged at $14.9 per ton.

Meantime, trade statistics released by Chilean authorities suggests 44.3% drop in country’s iron ore exports during the month. The exports by Chile totaled 895,000 tons, when matched with the exports of 1.60 million tons during January last year. The average export price fell by 28.7% year-on-year to $36.6 per ton FOB.

The key export destination of iron ore from Chile were China, Korea and Japan. The iron ore exports to China totaled 201,000 tons, accounting for more than one-fifth of the Chilean ore exports during the month. The export prices to China averaged at $31.7 per ton. The country’s exports to Korea totaled 201,000 tons at an average price of $30.6 per ton. Japan imported 167,000 tons of iron ore from Chile. The average price of exports to Japan stood at $59.5 per ton during Jan ’16.