The price of Brazilian high-grade iron ore, 65 percent iron contents, is $133/mt today, against $132/mt on January 3, CFR China conditions.
The uptrend has been maintained since early November 2022, while expectations are maintained for the price hovering in a CFR range of $110/mt to $130/mt, during the first quarter of 2023.
The Brazilian high-grade product has now a premium of 6.6 percent in relation to the 62 percent Australian iron ore, against 7.1 percent previously, still reflecting increased demand for the premium iron ore.
The export price of blast furnace grade pellets is now $150/mt, CFR China, against $149/mt previously, reflecting a stable premium ascribed to the product in relation to the equivalent sinter feed fines.
In the Brazilian domestic market, the prices are now estimated at $111/mt for iron ore and $128/mt. The increase also reflects a reduced sea freight rate, as the domestic prices are based on FOB quotations.
In December 2022, Brazil exported 29.50 million mt of iron ore (pellets excluded) and 2.52 million mt of pellets, against respectively 28.62 million mt and 1.35 million mt.
The iron ore exports were destined to Asia (25.93 million mt, of which 23.19 million mt to China), the Middle East (1.66 million mt), Europe (1.66 million mt) and South America (153,600 mt).
The pellets exports were destined to Africa (967,500 mt), Asia (722,300 mt), Argentina (300,000 mt), the US (283,340 mt), and Trinidad and Tobago (82,500 mt).