Current iron ore prices in Brazil have increased in the last week on average by $2/mt, reflecting an increase in quotations within the Chinese spot market, but negatively affected by higher ocean freight rates affecting prices in FOB terms.
Sinter feed fines of 65 percent iron contents are now traded for export from Brazil at $63/mt, while blast furnace grade pellets at $109/mt, FOB conditions. However, the premium for lumps in relation to equivalent sinter feed fines have decreased over the week, by $1/mt to the level of $74/mt.
In the Brazilian domestic market, the prices are now $57/mt for sinter feed fines (up $2/mt week-on-week), $68/mt for lumps (down $1/mt) and $103/mt (up $2/mt) for blast furnace grade pellets, ex-works, no taxes included.
According to the latest figures from Brazil’s ministry of industry, foreign trade and services (MDIC), Brazil exported 31.610 million mt of iron ore (pellets excluded) in November, 3.9 percent less than in October. Asia was the main destination (24.542 million mt, of which 19.451 million mt to China), followed by the EU (5.137 million mt), the Middle East (914,500 mt), Turkey (614,600 mt) and Latin America (401,100 mt).
Meanwhile, pellet exports increased by 7.1 percent to 2.541 million mt, with 825,000 mt shipped to the EU, 594,700 mt to Africa, 312,200 mt to South America, 181,100 mt to the US and 82,500 mt to Trinidad and Tobago.