Brazil Steps Up Dramatically Iron Ore Shipments to China

Brazilian iron ore
As Australia suspended spot sales following detentions of Rio Tinto's top sales officials in China, spot iron-ore vessel bookings from Brazil to China jumped to a record in July.

Authorities in China detained this month four employees of Rio Tinto, including its top iron ore salesman in China, Australian Stern Hu, over allegations of stealing state secrets during annual iron ore negotiations.

Ship bookings from Australia's main iron ore ports to China have fallen to 12 so far this month from an average of 40 in the second quarter and a record 55 in March, according to fixtures data from freight broker AXSMarine.

On the other side, shipments from Brazil, the second-largest iron ore supplier to China after Australia, have surged to a record 31, suggesting China's insatiable demand for overseas ore remained intact to feed its record steel production rates.

China's strong demand, which represents more than half the globally traded iron ore, drove spot prices to eight-month highs, with Indian ore leading the rally, boosted by shrinking Australian supplies.

Iron ore prices of benchmark 62% iron content delivered in China rose to US$ 84.4 a ton on Tuesday, adding nearly 3 dollars in a week, according to the Steel Index, while another compiler, Metal Bulletin, said prices of 62% iron content delivered in China also rose to 85.80 USD a ton on Tuesday.

China's iron ore imports soared 29% this year to a record 297.2 million tons and imports from Australia, the biggest supplier to China, jumped 43% to 122 million tons.

Mercopress

Tags:

Ads

You May Also Like

Brazilian president Luiz Inácio Lula da Silva and Tourism Minister Marta Suplicy

Minister Tells Brazilians to “Relax and Come” and then Apologizes

Marta Suplicy, a Brazilian sexologist and former mayor of São Paulo, turned recently Tourism ...

Brazil Gives Argentina the Ice Treatment Blaming Argentinean Bad Faith

Brazil has virtually frozen political and economic relations with Argentina following serious discrepancies that ...

Brazil: Sí£o Paulo and Rio Have Become Quite Expensive to Live In

Thanks to a strong appreciation of the Brazilian Real against the US dollar, São ...

Brazilian Activists Say State Assistencialism Is Not Enough to Save Indians

In response to the accusations made by the Indianist Missionary Council (Cimi) to the ...

Brazil Places an Order for 93 Million Textbooks

The National Fund for Educational Development (FNDE) has already completed the purchase of the ...

Brazil’s Lula in Ecuador Pleading for Unity

Brazil President Luiz Inácio Lula da Silva was awarded the Cordon of the Ecuadorean National ...

International AIDS Center Opens with US$ 1 Million Grant from Brazil

The world’s first International HIV/AIDS Technical Cooperation Center (Centro Internacional de Cooperação Técnica em ...

Brazil: Foreign Direct Investment Breaks Historic Record

Foreign direct investment (FDI) in the Brazilian productive sector totaled US$ 2.483 billion in ...

Found Guilty of Corruption by Supreme, Brazil Congressman Vows to Appeal to OAS Court

Up to yesterday, the 36 defendants in Brazil’s Penal Case 470, known as the ...

Brazil’s Development Bank Lends US$ 14.8 Billion

The Brazilian Development Bank (BNDES) spent US$ 14.8 billion in loans last year. According ...