Brazilian iron ore: export volume and prices fell until the 2nd week of February

Iron ore shipments from Brazil fell at an average of 32.4% in the year until the second week of February vis-a-vis the same period in 2021 when 901,040 tons per day were sent abroad. In addition, the commodity prices also dropped significantly, according to official data released on the 14th.

Brazil, one of the world’s largest iron ore exporters, sold the commodity for an average price of US$91 per tonne in the first two weeks of February, compared to US$122.1 per tonne in the last February, according to the Secretary of Foreign Trade (Secex).

The decline in shipments occurred after companies such as Vale, CSN, Usiminas, and Samarco paralyzed the operations in January in Minas Gerais due to technical and safety reasons in the face of heavy rains.

Last week, Vale confirmed the resumption of all operations. The company also disclosed that the impact of the January shutdowns was 2 million tonnes, thus maintaining its forecast of producing 320-335 million tonnes in 2022.

Apart from the rain, the mining companies have taken into account seasonal effects on production, such as lower demand in China due to steel production cuts aimed at reducing pollution ahead of the Winter Olympics and the Chinese New Lunar Year holiday.

In total, foreign sales of iron ore in the first two weeks of February totaled 8.109 million tons, compared to 23.997 million tons in the same month of 2021. In terms of revenue, shipments totaled 738.35 million dollars vis-a-vis 2.93 billion dollars in the same timeframe.

Source: Investing.com

To read the full original article, please access:

https://br.investing.com/news/stock-market-news/exportacao-e-precos-do-minerio-de-ferro-do-brasil-caem-ate-2a-semana-de-fevereiro-973941

Sharing is caring!