Brazilian iron ore prices plunge again week-on-week

Tuesday, 13 August 2019 20:24:28 (GMT+3)   |   Sao Paulo

After a $19/mt decline two weeks ago, iron ore prices in Brazil have declined by another $9/mt in the last week, reflecting the continuous decline of iron ore prices in the Chinese spot market, now returning to levels of early February 2019.

According to sources, the devaluation of the RMB is no longer the key factor behind the price reduction, now driven by perspectives of increased production in the northern region of Brazil and in Australia, and in some extent in Chinese iron ore mines, which have gained some competitiveness despite their lower-quality ores with the devaluation of the RMB.

Sinter feed fines of 65 percent iron contents are now estimated to be traded for export from Brazil at $67/mt, the equivalent lumps at $92/mt and blast furnace grade pellets at $134/mt, all FOB conditions.

In the Brazilian domestic market, for equivalent ores, the prices are $61/mt for sinter feed fines, $86/mt for lumps and $128/mt for blast furnace grade pellets, ex-works, no taxes included.

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