The Tubarão-Qingdao reference freight rate for the Brazilian iron ore declined to $21.35/mt from $24.85/mt in one week.
According to Banchero Costa brokers, the $3.50/mt decline reflects “a predominantly bearish tone over the week, with rates softening across key iron ore routes amid subdued trading activity, and a dearth of fresh cargoes”.
According to the brokers, the price during January 2026 is expected to stay between $20 and $25/mt, signaling stability in the absence of fresh demand.
During the first two weeks of December, Brazil exported in average 1.3 million mt of iron ore per day, a volume considered as high in historical terms.
For the rest of the month, the volume is expected to decline under seasonal pattern.
