Brazil increased iron ore exports by 6.3% y/y in January

In January 2026, Brazil increased its iron ore exports by 6.3% year-on-year – to 28.99 million tons. This is evidenced by data on ship composition collected by BigMint.

Compared to December 2025, this figure fell by 22.7%.

China remained the largest importer of Brazilian iron ore during the period, accounting for 18.39 million tons of January shipments. It is followed by India (0.87 million tons) and Bahrain (0.86 million tons).

Ore exports from Brazil fell sharply in the first month of this year due to fierce competition from Australian raw materials, which reduced its attractiveness on the market. Supplies from the country to world markets were also temporarily slowed down by scheduled maintenance of key Brazilian export terminals.

At the same time, steel mills, especially in China, remained cautious in their purchases, replenishing their stocks ahead of the Lunar New Year.

It should be noted that at the end of last year, iron ore exports from Brazil reached a record level of 416.4 million tons, up 7.1% year-on-year, according to data from the country’s Ministry of Development, Industry, Trade, and Services. This was the first time that the annual figure exceeded 400 million tons, breaking the previous record of 390 million tons set in 2018. Exports were strong in the last months of the year, exceeding 40 million tons in October and December, which is close to the monthly record.

As reported by GMK Center, Brazilian mining companies increased their exports of iron ore (HS 2601) by 2.9% in 2024 compared to 2023, from 378.14 million tons to 389.02 million tons. China became its main consumer. In 2024, supplies to Chinese steel companies increased by 6.4% compared to 2023, to 276.79 million tons, which is 71.2% of total exports.