With the tax held at zero, exports remain profitable amid a domestic surplus of low-grade material that local mills use only partly.
Miners can offload excess production, while higher-grade ore stays directed to strong domestic steel demand.
The export surge — mostly on Supramax and Panamax — also arrived just as Capesize rates hit their highest since Feb ’24, followed shortly by Vale trimming 2026 guidance to 335–345Mt, giving iron ore futures fresh momentum to stay above $100/t. For further insights, contact [email protected].