Brazil increased iron ore exports by 10% y/y in 2023

Export of scrap steel from the country has more than doubled in a year

In 2023, Brazil increased iron ore exports by 10% compared to 2022 – to 380.5 million tons. This is reported by Davis Index with reference to data from the Brazilian customs.

The largest consumer of iron ore from Brazilian mining companies is China – 260.9 million tons (+9% y/y). Malaysia consumed 21.1 million tons of iron ore (+16% y/y), Japan – 13.7 million tons (+18% y/y), Bahrain – 11.4 million tons (-6% y/y), Oman – 10.3 million tons (+1% y/y). Other countries imported 63.1 million tons of iron ore from Brazil.

In December 2023, Brazil exported 39.65 million tons of iron ore, the highest figure for the year. Compared to December 2022, the figure increased by 24% y/y, and by 25.5% compared to the previous month.

Export of steel scrap from Brazil last year was 800,000 tons, which is a 117% increase by 2022. The main volume of raw materials was consumed by India – 501.7 thousand tons (+322% y/y) and Bangladesh – 177.7 thousand tons (+20% y/y).

During December, Brazilian companies exported 64.76 thousand tons of scrap, which is 200% more y/y and 19% less m/m.

As GMK Center reported earlier, in 2022, Brazil reduced the export of iron ore by 3.7% compared to 2021 – to 343.99 million tons. Export income for the year fell by 35.2% y/y – to $28.92 billion.

China in January-November 2023 imported 1.08 billion tons of iron ore, which is 6.2% more compared to the same period in 2022. Thus, Brazil is one of the main suppliers of iron ore to China.