With higher quotations in the Chinese spot market, coupled with stable premium for lumps and pellets and slightly reduced ocean freight rates, iron ore export prices in Brazil have increased on average by $1/mt from last week, after having increased by $5/mt and $3/mt the weeks before.
Sinter feed fines of 65 percent iron contents are now traded for export from Brazil at $128/mt, the equivalent lumps at $136/mt and the equivalent blast furnace grade pellets at $142/mt, all CFR China conditions, dry basis, against respectively $127/mt, $135/mt and $141/mt last week.
But with the reduced ocean freight rates, as FOB prices determine trends in the domestic market, Brazilian domestic iron ore prices are stable this week at respectively $103/mt, $111/mt and $117/mt, dry basis ex-works, no taxes included.
In July, Brazil exported 32.33 million mt of iron ore (pellets excluded) and 1.65 million mt of pellets. Asia was the main destination of the iron ore (28.00 million mt, of which 22.53 million mt to China), followed by Europe (2.25 million mt) and the Middle East (1.68 million mt), while small volumes were shipped to Latin American countries.
China was also the main destination of the pellets (802,10 0mt), followed by Egypt (316,500 mt), the US (259,100 mt), Libya (150,200 mt), Trinidad and Tobago (79,900 mt) and Argentina (42,600 mt).