Global iron ore shipments increased by 5% y/y in the first half of the year

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Global iron ore shipments increased by 5% y/y in the first half of the year

Ferrous 05 Jul 2024 03:18 PM IST GMK Centre

Global iron ore shipments climbed by 5% to 751 million tonnes (MT) between January and June 2024, compared to the same period in 2023. Australia 427 MT is the top raw material exporter. Australian mining businesses' shipments saw a small recovery in Q2 following a 1% year-over-year decline in January through March. The supply was then hampered by bad weather conditions, technical issues, the closure of the ports of Rio Tinto Dampier and Walcott due to Cyclone Olga, and load difficulties in Port Hedland.

Brazil shipped 181 MT of iron ore in six months, a 6% increase over January-June 2023. This was made possible by improved capacity utilisation at Vale and CSN. Simultaneously, Q1 export growth rates increased by 12% year over year. China is the primary importer of iron ore from January to June 2024, up more than 6% year on year to 615 MT. Japan and South Korea saw imports fall by more than 2% and 5%, respectively.

Despite the increase in supply in the first half of the year, iron ore exports may remain unchanged by the end of 2024 compared to 2023, as several Chinese provinces are drafting plans to curb steel output and due to extremely huge port stockpiles. Southeast Asian demand is anticipated to continue to be strong at the same period. Global steel output fell to 793.2 MT from January to May 2024, a 0.1% reduction from the same period in 2023. Global steel production in January-May 2024 decreased by 0.1% compared to the same period in 2023 to 793.2 MT.

Also Read : Global DRI production dropped 4.8% in March India's steel exports surge to 18-month high in January

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Global iron ore shipments increased by 5% y/y in the first half of the year

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