Iron ore prices show sharp decline in Brazil

Tuesday, 04 June 2019 20:33:24 (GMT+3)   |   Sao Paulo
       

A decline in iron ore prices over the week in the Chinese spot market, coupled with increased ocean freight rates that further reduced FOB quotations, resulted in Brazilian sinter feed fines price decreasing by $9/mt on a weekly basis.

Sinter feed fines of 65 percent iron contents are now estimated to be traded for export from Brazil at $88/mt, the equivalent lumps at $108/mt and blast furnace grade pellets at $155/mt, FOB conditions.

In the Brazilian domestic market, for equivalent ores, the prices are $81/mt for sinter feed fines, $102/mt for lumps and $149/mt for blast furnace grade pellets, ex-works, no taxes included.

Local analysts believe that such reduced prices reflect positive perspectives for the return to operations of iron ore mines located in the southeastern state of Minas Gerais, idled as an indirect consequence of the collapse of the Brumadinho waste dam in January. According to sources, the increased production will help to diminish the current shortage, reducing pressure on prices.

According to the local customs authorities, the Brazilian combined exports of iron ore and pellets have reached 29.02 million mt in May, against 18.35 million mt in April.


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