The price of Brazilian high-grade iron ore, 65 percent iron contents, is $140/mt today, against $138/mt on November 8, CFR China conditions.
The price is the highest since March 31, 2023, reflecting in the view of analysts, concerns in relation to the seaborne supply of iron ore, coupled with hopes of increased demand from China and its real estate sector.
The Brazilian high-grade product has now a premium of 2.9 percent in relation to the 62 percent Australian iron ore, against 3.1 percent previously, remaining among the lowest figures in recent years, reflecting the reduced importance currently ascribed by the integrated steel producers to the higher productivity of high-grade products in blast furnaces.
The export price of blast furnace grade pellets is now $160/mt, CFR China, against $159/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 estimated at $116/mt for the iron ore and $137/mt for the pellets, against $114/mt and $135/mt previously, ex-works, no taxes included.
In October, Brazil exported 31.44 million mt of iron ore and 2.37 million mt of pellets.
The iron ore (excluding pellets) exports were destined to Asia (27.53 million mt, of which 24.38 million mt to China), the Middle East (1.68 million mt), Europe (1.56 million mt), South America (543,300 mt) and Mexico (131,400 mt).
The exports of pellets were destined to Africa (945,600 mt), Asia (612,600 mt), Europe (422,400 mt), South America (309,600 mt) and the US (75,900 mt).
