Brazilian exports of iron ore (pellets excluded) have reached 21.05 million mt in February, 17.3 percent less than the 25.44 million mt exported in February 2019.
With the figures recently unveiled by the country’s customs authorities, it is clear that China was the key factor for the downturn, as the exports to that country have declined by 30.5 percent, from 17.84 million mt in January to 12.40 million mt in February.
Furthermore, if considering the exports to non-China destinations, the volume has actually increased by 13.8 percent, from 7.60 million mt in January to 8.65 million mt in February, in a month that includes fewer operating days and a period of local holidays.
Sources mentioned that, if not the main factor, the outbreak of the Covid-19 was one of the factors behind the reduced exports to China, due to the reduced production pace at the country’s integrated steel producers.
