The most recently released data shows that Brazil exported 36.1 million tons of iron ore in November. While this is down month-on-month by 4.6 million tons (-11%), it is up year-on-year by 2.4 million tons (7%). Brazil’s iron ore exports have now increased on a year-on-year basis during eight of the last nine months. Significant is that during these last eight months, imports have grown year-on-year by 22.9 million tons (8%). As we have stressed often, prior to March exports were down year-on-year this year by 1.4 million tons (-2%). As we have also discussed in our Weekly Executive Reports, as recently as in 2022 Brazil’s iron ore exports contracted. They fell that year by 12.9 million tons (-4%). Overall, it has remained very helpful for the capesize market that Brazil’s iron ore exports have been finding solid growth.
