Iron ore prices in Brazil have declined for the third consecutive week, by an estimated $3/mt from last week, reflecting lower prices of the product in the Chinese spot market, coupled with perspectives for increased iron ore production in the country.
Sinter feed fines of 65 percent iron contents are now estimated to be traded for export from Brazil at $93/mt, the equivalent lumps at $118/mt and blast furnace grade pellets at $160/mt, all FOB conditions.
In the Brazilian domestic market, for equivalent ores, the prices are $87/mt for sinter feed fines, $112/mt for lumps and $154/mt for blast furnace grade pellets, ex-works, no taxes included.
Local miner Vale unveiled expectations for the recovery of a 93 million mt of annual production capacity, lost due to the tragic collapse of the Brumadinho waste dam in January.
According to the company, 30 million mt has already been recovered as operations resume at the Brucutu mine, while other 30 million mt will be recovered soon after the end of this year and another 33 million mt will be operational within two to three years.
