Global iron ore exports grew by 5% y/y in the first half of the year

Global iron ore exports in January-June 2024 increased by 5% compared to the same period in 2023 – up to 751 million tons, according to BigMint data.

The leading exporter of raw materials is Australia – 427 million tons (+2% y.y). Shipments of Australian mining companies recovered slightly in the second quarter after falling in January-March by 1% y.y. Then the supply was affected by adverse weather conditions, technical services, the closure of the ports of Rio Tinto Dampier and Walcott due to cyclone Olga and load failures in Port Hedland.

Brazil for 6 months exported 181 million tons of iron ore, which is 6% more than in January-June 2023. This was facilitated by the increase in capacity utilization of Vale and CSN. At the same time, in the first quarter, export growth rates were higher – 12% y/y.

South Africa increased iron ore shipments by 3% y/y during the period – up to 30 million tons, Canada – by 10% y/y, up to 27 million tons, India – by 20% y/y, up to 26 million tons, Ukraine – by 100% y/y, up to 17 million tons.

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

The main importer of iron ore for January-June 2024 is China – an increase of more than 6% y/y, to 615 million tons. Japan and South Korea observed a decrease in imports by more than 2% and 5%, respectively.

Despite the growth of supplies in the first half of the year, by the end of 2024, exports of iron ore may remain unchanged compared to 2023, as many Chinese provinces are developing plans to limit steel production, as well as due to very large port stocks. At the same time, demand from Southeast Asia is expected to remain high.

Global steel production in January-May 2024 decreased by 0.1% compared to the same period in 2023 – to 793.2 million tons. In the CIS + Ukraine region, the indicator increased by 0.1% y/y – up to 36.7 million tons. In particular, you have increased Ukraine in 5 months

As GMK Center reported earlier, global steel production in January-May 2024 decreased by 0.1% compared to the same period in 2023 – to 793.2 million tons. In the CIS + Ukraine region, the indicator increased by 0.1% y/y – up to 36.7 million tons. In particular, Ukraine for 5 months increased steel production by 31.2% y/y – up to 3.14 million tons.