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Brazil’s iron ore revenues dropped 18% in July ’14 despite higher exports

The iron ore exports by Brazil climbed higher during the month of July this year. However, the export revenues dropped sharply when compared with same month a year ago.

According to latest statistics released by the Brazil Ministry of Foreign Trade, the country’s iron ore exports totaled 31.1 million mt during July this year, nearly 5% higher when compared with the total exports of 29.6 million mt during July last year. Upon comparison with the shipments during June this year, the July ’14 exports have increased by 5.5%. The Brazilian iron ore exports during June this year had totaled 29.5 million mt.

Despite higher exports, the revenues dropped 18% over the previous year during the month. Brazil’s iron ore export revenues totaled $2.1 billion in July ’14. The revenues had totaled $2.6 billion FOB during July 2013.

Also, the export price dropped sharply from $89.80 per mt FOB in July ’13 to $70.10 per mt FOB in July this year. Over the previous month, iron ore export prices fell over 10% in July ‘14. The export prices during June this year was $78.20 per mt FOB.

Source:Scrap Monster

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