Brazil iron ore exports to China hit record high

Brazil's iron ore exports to China rose in August to a record high, while total exports fell after reaching a nine-month high in July, trade data show.

Exports totalled 31.33mn t in August, down by 7.37pc on the year and by 8.14pc compared with July, while Australia's Port Hedland exports rebounded from 43.64mn t in July to 46.07mn t in August. Brazil's August exports were still well above the volumes shipped in February, March and June, which all fell below 22mn t.

Brazil exported 25.2mn t of iron ore to China in August, an increase of 7.68pc from July and up by 4.22pc compared to a year earlier, even though congestion at Chinese ports drove a 10.9pc fall in the country's ore imports in August, from a record high of 112.65mn t in July.

Exports to Europe, including Turkey, fell by more than 50pc on a yearly basis to 1.41mn t, accounting for a large part of the total decrease. Exports to Japan fell by 26.7pc on a monthly basis to 975,127t, while Japan's exports rebounded from 6mn t in July to 7.3mn t in August.

Exports to other Latin American countries recovered, as shipments to Argentina almost doubled on a monthly basis and 14.25pc year on year to 276,048 in August, while shipments to Mexico rose from 133,592t in July to 264,805t in August after no shipments were recorded in August 2019.

By Brendan Kjellberg-Motton