BRASÍLIA: The most recent statistics released by Brazil’s Ministry of Development, Industry and Foreign Trade indicates significant rise in iron ore exports by the country during the month of November this year.
Brazil’s iron ore exports during the month totaled 28.12 million tons, up 7.87% when compared with the previous year. However, the exports declined by nearly 18% when matched with the exports of 34.29 million tons during the previous month.
The value of exports totaled $900 million, dropping sharply by 43% year-on-year. The total value of Brazilian iron ore exports had amounted to $1,580 million during the same month in 2014. Also, the Nov ’15 iron ore export value by the country were down by 20.7% when compared with $1,135 million during October this year.
Meantime, Brazil’s exports of semi-finished iron and steel products amounted to 488,100 tons during November, significantly down by 31.2% compared with the previous month. The exports were also down by 14% when compared with the exports of 567,588 tons during the same month a year before. The total value of these exports declined sharply by 52.8% year-on-year to $134.6 million. When matched with the previous month, the values of Nov ’15 semi-finished iron and steel products by Brazil were down by 38.6%.
Also, Brazil’s flat steel exports totaled 322,400 tons during November this year. The exports were down by 8% from the previous month. However, flat steel exports inched higher by nearly 12% when matched with the previous year. The flat steel export revenues declined sharply to $137.6 million during the month. The revenues dropped by 19.3% month-on-month and by 26.8% year-on-year.
Incidentally, iron ore prices have dropped by over 43% since the start of this year. With increased output prediction by miners in Australia and Brazil, coupled with waning demand by China, the seaborne iron ore supply is estimated to rise. Consequently, the price of the steel making raw material is likely to witness further weakness in 2016.
