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Iron ore exports worldwide reached 376 million tonnes (MT) in January–March 2024, up 6% from the same period in 2023, according to BigMint data.
The top five exporters, including Australia with 203 MT, Brazil with 84 MT (+12%), South Africa with 16 MT (+7%), India with 15 MT (+33%), and Canada with 13 MT (+23%), accounted for 332 MT of exports compared to 318 MT a year earlier.
The rise in raw material imports into China, which increased by 6% yearly to 310 million tonnes, is reflected in the rise in worldwide iron ore exports. Chinese steelmakers increased their steel output by 1.6% year over year in January–February, which made this possible.
At the same time, imports were supported by a drop in iron ore prices – from $135/t at the beginning of the year to $110/t in March. In addition, an increase in production and sales from Brazil and India is a significant factor in improving the iron ore trade.
Global iron ore exports will remain high in the short term as major global companies maintain their production forecasts. Exports from India are also likely to increase. However, the stock increase in Chinese ports is worrisome – they have reached a two-year high of 145 MT.
In January-March 2024, global steel production increased by 0.5% compared to the same period in 2023 to 469.1 MT. In the CIS+Ukraine region, the figure increased by 1.6% y/y to 21.8 MT. In particular, Ukraine increased steel production by 36.6% y/y over three months to 1.69 MT.
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