Brazilian iron ore slowly rebounds

Via Reuters:

Major supplier Brazil exported 29.40 million tonnes of iron ore in June, compared with 29.83 million tonnes in May and 35.29 million tonnes a year earlier, government data released on Monday showed.

The chart:

There is slow improvement here year on year:

  • March -7.77mt
  • April -7.54mt
  • May -9.15mt
  • June -5.91mt

Once Brucutu is back shipping I’d expect the number to grow 2-3mt per month. It is worth more than its nominal 20mt given it is low impurity and will contribute to higher availability of other blends.

If that’s the case then by September the Brazilian deficit is more or less gone and the bubble is going to burst.

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