DEmand for Brazilian iron ore, especially from China rose 4.1% during 2024. In its latest weekly report, Banchero Costa ships said that “2024 is another positive year for the global iron seasal ore trade. In Jan-Des 2024, the global loading of iron ore increased +2.3% yoy to 1,669.2 mln tons, based on data tracking the AXS ship. This was built on the growth of +5.1% yoy recorded in 2023. Exports from Australia increased slightly in Jan-Des 2024 by +1.3% yoy to 927.4 mln tons. From Brazil, exports jumped by +5.0% yoy in Jan-Des 2024 to 380.4 mln t. From Canada there is an increase of +2.6% y-oy to 60.4 mln tons. From the volume of South Africa increased +1.4% yoy to 53.3 mln t. India sees correction -14.8% y-y in Jan-Des 2024 to 37.0 mln t. Ukraine has seen the rebound to 12.1 mln T from only 2.9 mln T in the same period in 2023. But this is still below 25.2 mln T exported by Ukraine in Jan-Des 2021 “.
Source: Bancha Costa
According to Banchero Costa, “Demand has recovered in China and the Middle East. Imports of iron ore to China increased +4.1% yoy in Jan-Des 2024 to 1250.4 mln tons. Import to Japan decreased -3.9% yoy to 91.1 mln t. To the EU, imports increased +1.6% yoy to 72.8 mln t. Volume to South Korea increased +2.0% yoy to 72.1 mln t. Imports to Malaysia increased +14.7% yoy to 23.5 mln tons. Vietnamese volume rises +41.0% yoy to 21.3 mln t. To Oman, the volume rose +18.1% yoy to 14.5 mln T, to Saudi Arabia with +27.1% yoy to 11.7 mln T, to Bahrain -9.3% yoy to 12.8 mln T. Brazil is currently the second largest iron ore exporter in the world, after Australia. In Jan-Des 2024, Brazil contributed 22.8% of the delivery of global iron ore, after 55.6% Australia. Canada ranks third with a small share of 3.6%, followed by South Africa in the fourth place with 3.2% and India with 2.2% “.
“In 2021, Brazil exported 345.7 mln iron ore tons, which was an increase of +4.7% yoy, from low 330.3 mln tons which was exported in a full year 2020. In 2022, softened activity again due to supply problems and Logistics, with problems, with problems, with logistics problems, with problems, with logistics problems, with supply and logistics, with supply and logistics, with supply and logistics, with, volume decreases by -2.9 % yoy to 335.7 mln t. In 2023, the volume increased +7.9% yoy to 362.3 mln t. In Jan-Des 2024, the export of iron ore from Brazil jumped +5.0% yoy to 380.4 mln t. Around 49% of exports from Brazil in January-2024 were published in VLOC (including Valemaxes), around 48% published in capsize tonage, about 3% in Panamaxes, and less than 1% in supramax. Seeing the main loading port for iron ore in Brazil, we have: Ponta Da Madeira (168.0 mln tons in Jan-Des 2024), Septetoa/Itaguai (74.7 mln T), Tubarao (68.1 mln T), Guaiba (35.6 mln T)), Acu (24.5 mln T), Ponta Ubu (8.8 mln T). Mainland China is still the top destination for Brazilian iron ore, contributing 71.6% of Brazilian exports in Jan-Des 2024.
Source: Bancha Costa
Delivery to mainland China increased +7.0% yoy to 272.5 mln T in Jan-DES 2024. Volume to Malaysia (which is mostly for transhipment to other Asian destinations) increased +6.1% yoy in Jan-DES 2024 to 19.1 mln tons. Export from Brazil to EU increased +1.3% yoy to 17.1 mln tons in Jan-DES 2024. To Japan there was a decrease of -6.8% yoy to 10.6 mln T in Jan-Des 2024, while the volume of South Korea increased by + + 1.4% yoy to 7.5 mln t., And to the Philippines decreased with -2.8% yoy to 5.7 mln t. Delivery from Brazil to Oman jumped +30.0% yoy to 12.8 mln T in Jan -Des 2024, to Bahrain decreased with -7.5% yoy to 10.0 mln T, to Egypt increased +52.5% y -Oy to 4.7 mln T, while, while Egypt +52.5% Y -Oy to 4.7 mln T, while in Egypt +52.5% Y -Oy 4.7 mln T, while those who went to Turkey decreased by -17.5% to 4.3 mln T “, the ship concluded.
Nikos Roussanoglou, Hellenic Shipping News worldwide
