Brazilian iron ore export volumes in June highest in eight months

Thursday, 02 July 2020 23:58:44 (GMT+3)   |   Sao Paulo
       

Brazil exported in June 30.05 million mt of iron ore (pellets included), the highest volume since October 2019, confirming expectations that exports from the Ponta da Madeira port (PDM) have returned to their usual pace after maintenance problems occurred during May.

PDM is the port from which the miner Vale exports iron ore from its mines located in the Northern state of Para.

Sources told SteelOrbis that the Covid-19 pandemic remains a major threat for the volume of iron ore exports from Brazil, as the states of Para and Minas Gerais, where most of the Brazilian iron ore is produced, are heavily impacted by the pandemic. Without evidence that the number of new infections and fatalities is under control, the situation could lead to suspension of activities from mining companies by health authorities.

Such uncertainties about the volume of iron ore exports from Brazil in the coming months is considered by analysts as the main factor sustaining iron ore prices in their current high levels, chiefly for the high grade product from the Carajas province, in Para, currently quoted at $112/mt for the sinter feed fines of 65 percent iron contents, CFR China conditions.

Meanwhile, equivalent lumps are currently traded at $119/mt and equivalent pellets at $125/mt, CFR China conditions, dry basis. All grades reflect a $1/mt decline from prices reported on Tuesday.


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