Brazil exported 389 million tons of iron ore in 2024

Mining companies in Brazil increased exports of iron ore (HS 2601) by 2.9% in 2024 compared to 2023 – from 378.14 million tons to 389.02 million tons. This is evidenced by data from the Ministry of Development, Industry and Foreign Trade of Brazil (MDIC).

China is the main consumer of Brazilian iron ore. In 2024, the volume of supplies to Chinese steelmakers increased by 6.4% compared to 2023 to 276.79 million tons, which is 71.2% of total exports.

Over the year, 20.73 million tons of iron ore were shipped to Malaysia (-2% y/y), 16.79 million tons to the European Union (-8.1% y/y), 12.41 million tons to Oman (+21% y/y), 12.05 million tons to Japan (-11.9% y/y), and 10.46 million tons to Bahrain (-7.7% y/y).

The key importers of Brazilian raw materials in 2024 also include South Korea (6.68 mln tonnes), the Philippines (5.21 mln tonnes), Egypt (4.59 mln tonnes), Turkey (4.73 mln tonnes) and the USA (2.82 mln tonnes).

In December 2024, Brazil decreased iron ore exports by 21.9% compared to December 2023, and by 8.7% compared to the previous month to 30.71 million tons.

The decline in exports in December is a result of lower demand from China. Thus, Chinese metallurgists reduced imports of raw materials from Brazil by 29.8% y/y and 17.1% m/m – to 20.48 million tons over the month.

The increase in iron ore exports from Brazil in 2024 was driven by several key factors. The main role was played by stable demand from China, which increased imports, offsetting the decline in purchases from other regions such as the EU and Japan. Another important factor was the restoration of production capacity of Brazilian mining companies after previous logistical difficulties and weather restrictions. At the same time, global economic conditions, including changes in commodity prices and fluctuations in demand, affected the dynamics of supplies, which had a particularly significant impact on the decline in exports in December.

As GMK Center reported earlier, Brazil increased iron ore exports by 10% in 2023 compared to 2022. The largest consumers of iron ore from Brazilian mining companies were China – 260.9 million tons (+9% y/y), Malaysia – 21.1 million tons (+16% y/y), Japan – 13.7 million tons (+18% y/y), Bahrain – 11.4 million tons (-6% y/y), and Oman – 10.3 million tons (+1% y/y).