Brazil: Iron Ore Market 2024

Iron Ore Market Size in Brazil

The Brazilian iron ore market skyrocketed to $X in 2022, surging by X% against the previous year. Overall, consumption, however, continues to indicate a abrupt setback. Iron ore consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Iron Ore Production in Brazil

In value terms, iron ore production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a deep slump. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Iron ore production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Iron Ore Exports

Exports from Brazil

In 2022, approx. X tons of iron ores and concentrates were exported from Brazil; which is down by X% on 2021. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, iron ore exports dropped dramatically to $X in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then shrank markedly in the following year.

Exports by Country

China (X tons) was the main destination for iron ore exports from Brazil, accounting for a X% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. Bahrain (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Bahrain (X% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Brazil, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports. It was followed by Bahrain, with a X% share.

From 2012 to 2022, the average annual growth rate of value to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Bahrain (X% per year).

Export Prices by Country

In 2022, the average iron ore export price amounted to $X per ton, which is down by X% against the previous year. In general, the export price saw a slight decline. The pace of growth appeared the most rapid in 2021 when the average export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then declined sharply in the following year.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Bahrain ($X per ton) and South Korea ($X per ton), while the average price for exports to China ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Bahrain (X%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Brazil

In 2022, approx. X tons of iron ores and concentrates were imported into Brazil; dropping by X% against the previous year. Overall, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, iron ore imports dropped dramatically to $X in 2022. In general, imports, however, enjoyed a significant expansion. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then fell remarkably in the following year.

Imports by Country

In 2022, India (X tons) constituted the largest supplier of iron ore to Brazil, accounting for a X% share of total imports. Moreover, iron ore imports from India exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Bolivia (X% per year).

In value terms, India ($X) constituted the largest supplier of iron ores and concentrates to Brazil, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Bolivia (X% per year).

Import Prices by Country

In 2022, the average iron ore import price amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price saw a abrupt decrease. The most prominent rate of growth was recorded in 2015 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($X per ton), while the price for Bolivia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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