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Iron ore exports from Brazil hit highest level since 2015 – Mining.com
Brazilian iron ore exports increased 18.5% in September compared to the same period last year, to 37.86 million tonnes, after Vale increased the pace of production.
The volume shipped last month is the biggest since December 2015, when Brazil exported a monthly record of 39.5 million tonnes, according to the Ministry of Industry, Foreign Trade and Services.
Compared with August, there was a 21% increase in Brazilian iron ore shipments in September.
Vale resumed full operations at its Viga plant on Thursday, after a judge lifted an order that had suspended operations there, the mining firm said in a securities filing.
Operations at the iron ore concentration plant had been suspended for six days, the company said, as it rectified alleged issues pertaining to its operating permit.
According to the miner, the halt resulted in 11,000 tonnes per day of iron ore fine production off the market.
Brazil’s iron ore exports – which represent 59% of the country’s mineral production – totaled $5 billion in Q2, 6% higher than Q1 2020, but 5% lower than in Q2 2019. The country exported 76 million tonnes, 8% above the total registered in Q1 2020, but 3% lower than Q2 2019.
Industry group IBRAM projects that the country will export 310 million tonnes in 2020, lower than the 340 million tonnes exported in 2019.
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Iron ore price jumps to fresh 6-year high on China building boom
Iron ore prices hit fresh six-and-a-half year highs on Monday on the back of a Chinese construction and factory expansion boom.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $130.17 a tonne on Monday, up 1.4% from Friday’s peg.
That was the highest level for the steelmaking raw material since mid-January 2014 and brings gains for 2020 to over 41%.
China is expected to set a growth target of 5.5% in its 2021–2025 economic development plan, the fourteenth five-year plan since 1953.
While that’s down from the 6.5% GDP expansion target in the 2015–2020 plan, the relative size of the Chinese economy today translates to more than $750 billion being added to its GDP each year.
That’s the equivalent of expanding by the size of the entire economy of Saudi Arabia, Switzerland or Argentina each year. And most of the economic activity will be directed to steel intensive industries including domestic infrastructure, housing and transport.
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