Brazil’s weekly iron exports resurge to high levels

Iron ore exports from Brazil have recovered to 7.4Mt/wk, at a seasonal record for the second time in 2024.

Cumulative exports have risen +13% YoY and are standing at a 7-year high of 91.6Mt. The performance is outstanding given China real-estate crisis and the wave of consolidations in the steel industry that occurred at the end of 2023. The recent bounce of the SGX iron ore future for May’24 above 105$/t combined with normal seasonality should support exports in the coming months.

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