Minério de ferro - iron ore futures

Brazilian mineral exports grew by 2% in 2020

Feb, 08, 2021 Posted by Ruth Hollard

Week 202105

Data released by IBRAM (the Brazilian mining institute) show that in 2020, Brazil increased the volume of mineral products exported by 2% compared to 2019. The sector’s business in the international market generated 11% more for Brazil in foreign exchange in the comparison, reaching US$ 37 billion. China strengthened its position as the main destination for Brazilian iron ore. The Asian country accounted for 62% of exports in 2019. In 2020, this percentage rose to 72%.

According to IBRAM, although the 2020 production was not much higher than 2019, the financial results of last year were benefited by the price variations in the international market and the appreciation of the dollar. After Australia, Brazil is the world’s largest producer of iron ore, which appreciated over 60% during the past year. A ton of iron ore ended the year 2020 at US$ 155.84.

Among all mineral products, the largest variations were registered with iron ore and gold. Last year, iron ore production generated revenues of R$ 138.7 billion, 39% higher than 2019. Gold increased 76%, with revenues of R$ 23.2 billion. Despite the high sales, the commercialized mineral production was almost stable. In 2019, 985 million tons were traded and in 2020, a total of 1.009 billion tons were traded.

Source: Agência Brasil

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