Brazil Smashes Iron Ore Export Records in December, Surging 24% YoY

Brazil’s iron ore exports in December reached a new monthly high of 39.65 million tons, a 24% increase compared to last year, according to data from the Secretariat of Foreign Trade (Secex) released this Friday.

The shipments recorded last month surpassed the previous record, set in December 2015, according to Secex’s historical series, which began in 1997.

Mining giants such as Vale may have taken advantage of higher commodity prices, which reached their highest levels since April 2022 on the Singapore benchmark exchange in December. At the beginning of this year, the product has been trading near $140 per ton in the Asian market.

Iron Ore Exports | Jan 2019 – Nov 2023 | WTMT

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In December alone, Brazil’s iron ore exports amounted to $3.5 billion, nearly a 70% year-on-year increase.

According to preliminary data from Secex, the average price of iron ore exported by Brazil last month was $88.5 per ton (FOB), a 36.6% increase compared to December 2022.

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Revenue from iron ore sales was nearly at the same level as oil shipments, another highlight of the trade balance in December, at $3.5 billion. However, it decreased by about $1 billion year-on-year due to lower volumes and prices.

Soybean exports, which traditionally lead Brazil’s export agenda, reached nearly $2 billion in December, a level below monthly peaks, as export volumes decline at the end of the year with reduced product availability before the new harvest.

Nevertheless, after harvesting a record crop in 2023, Brazil was able to double soybean shipments in December, with similar results in revenue.

Source: Notícias Agrícolas

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