Exports gained 18 percent last month to 37.4 million metric tons compared with 31.8 million tons a year earlier, the country’s ministry of Development, Industry and Trade said on its website today. That’s the highest monthly iron-ore volume since at least April 2005 when Bloomberg started compiling data.
Prices for iron-ore slumped 47 percent in 2014 as Vale, Rio Tinto Group and BHP Billiton Ltd., the world’s top three producers, increased output, expanding a market glut just as growth in China slowed. Rio de Janeiro-based Vale expects production of the raw material to climb to 340 million metric tons in 2015 including third-party purchases.
Brazil’s iron ore was exported at an average of $53.3 a ton in December, down from $100.80 a year earlier. The lower price reduced export revenue for the commodity by 38 percent to $1.99 billion, the Ministry said.
Ore with 62 percent iron content delivered to the Qingdao port in China fell 0.6 percent to $70.87 a dry ton today, according to a price index compiled by Metal Bulletin.
Source: Bloomberg
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