Brazilian iron ore exports in May rose by 7.5pc on the year to a record high volume for that month since 2017. May exports from Brazil typically rise as the rainy season, which suppresses iron ore production and exports, ends.
May volumes rose by 7.5pc on the year to 35.1mn t, data from Global Trade Tracker show. The end of the rainy season in all parts of Brazil boosted exports. Exports to China increased by 13.5pc to 23.4mn t, while those to Malaysia almost halved, falling to 1.2mn t from 2.2mn t, and exports to Oman dropped below 1mn t. Combined exports totalled 150mn t in January-May 2025 compared with 146.8mn t in January-May 2024.
Spot freight rates in the Atlantic surged in early June, as chartering activity was spurred by the scarcity of tonnage. The Tubarao to Qingdao rate jumped to $25/t on 5 June, the highest level since November 2024.
Brazilian iron ore exports jumped last week to above 10mn dwt, the highest weekly level since August-September 2024, shipbroker Thurlestone noted. "Both Vale and the [smaller] miners contributed to the lift, trending ahead of last month and this time last year. Vale saw gains from Tubarao and GIT, which more than made up for lower volumes at CPBS and Ponta da Madeira. The juniors had an especially sharp bounce — with gains seen across all tracked ports. Looking ahead, Tubarao is set for a round of berth maintenance, which could dampen flows slightly, but overall, Brazil's June exports are off to a strong start," the company said.
