The price of the Brazilian high-grade iron ore, 65 percent iron content, is $118/mt today, against $122/mt on 24 April, CFR China conditions, returning to the level of 01 December 2022.
According to analysts, the sharp decline still reflects, for all iron ore grades, the lackluster data on the industrial activity in China, coupled with poor perspectives in the country for the downstream demand in the short term, reflecting also higher than expected offer of iron ore from Brazil and Australia.
The Brazilian high-grade product has now a premium of 9.6 percent in relation to the 62 percent Australian iron ore, when considering their iron units, against 9.0 percent previously, confirming the relatively good demand for high-grade products.
The export price of blast furnace grade pellets is now $137/mt, CFR China, against $141/mt previously.
In the Brazilian domestic market, the prices are now estimated at $94/mt for iron ore and $113/mt for pellets, against respectively $99/mt and $118/mt previously, ex-works, no taxes included.
In April, Brazil exported 23.43 million mt of iron ore (pellets excluded) and 1.77 million mt of pellets, against respectively 25.02 million mt and 2.21 million mt in March.