The decline reflects lower port stocks and scheduled maintenance at PDM Pier 1 and CSN terminals through 1H-May’26.
Nonetheless, the weakness appears temporary, with volumes set to recover as maintenance programmes conclude. Brazilian iron ore exports display strong seasonality, with Q1/Q2 shipments rising +18% QoQ on average and Q2/Q3 a further +14% QoQ.
This year is no exception. In Apr’26, exports rose +11% YoY and +19% MoM to a seasonal record of 33.5Mt, while YTD shipments reached 124Mt, up +3.6% YoY. Combined with rising bulk exports from West Africa, the Atlantic market is expected to remain tight and exposed to supply squeeze risks.
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