Iron ore shipments from Brazil to extend increase

SHANGHAI, Jun 2 (SMM) – A total of 89 vessels carrying 14.94 million mt of iron ore arrived at major Chinese ports during May 24-30, SMM estimates. This was up 1.57 million mt from the prior week. 

For the same week, iron ore deliveries leaving Australian ports shrank 790,000 mt on the week to 16.63 million mt, some 940,000 mt higher than the same period last year.

Shipments that departed Brazilian ports were estimated to expand 540,000 mt from the prior week to 6.06 million mt, about 920,000 mt lower than the level of the same period last year.

Brazilian iron ore miner Vale reiterated that it will hold the 2020 iron ore fines production guidance at 310-330 million mt, unchanged from the recently-revised target set in the company’s Q1 output report. Iron ore shipments from Brazil are expected to rise further in the future.