Global iron ore exports grew by 5% y/y in January-September

Global exports of iron ore in January-September 2024 increased by 5% compared to the same period in 2023 – to 1.2 billion tons. This is evidenced by BigMint data.

The leading exporter of raw materials is Australia – 646 million tons (+2% y/y). Shipments of Australian mining companies increased due to the revival of demand from Southeast Asia and China.

Brazil exported 291 million tons of iron ore in 9 months, up 6% compared to January-September 2023. This was facilitated by an increase in capacity utilization and production by Vale – up to 242 million tons against 232 million tons a year earlier.

South Africa increased its ore shipments by 4% y/y – to 48 million tons, Canada – by 6% y/y, to 43 million tons, India – by 5% y/y, to 32 million tons, and Ukraine – by 111% y/y, to 27 million tons.

Ukrainian exports are marked by a significant increase amid a low comparison base, as well as an increase in raw material exports by domestic companies due to the opening of the sea export corridor.

Thus, global iron ore exports are likely to show moderate growth in 2024, as key global mining companies have maintained or even increased their production plans for the current year. In addition, World Steel sees some optimism about a potential recovery in global steel production in 2025, which will support demand for iron ore.

As GMK Center reported earlier, global steel production in January-September 2024 decreased by 1.5% compared to the same period in 2023 to 1.39 billion tons. In the CIS+Ukraine region, the figure fell by 2.5% y/y – to 64.9 million tons. In particular, Ukraine increased steel production by 28.2% y/y over 9 months – to 5.88 million tons.