There has been a marginal 2.4% increase in Brazil's iron ore exports this year with shipments lifted to 95.5 million tonnes.
In terms of where the iron ore is going there has been a further small incremental shift away from Europe towards the Far East.
To quantify this a year ago Europe took 21% of cargoes this year the total is down to 19% for China the proportion this year has increased from 48% to 49% while for other Asia the proportion has increased from 21.8% to 22.6% so the clear implication from all of this is that tonne miles are increasing faster than trade alone because of the longer-haul distance of shipping to the far east rather than Europe. (sourced from ICAP Shipping)
In terms of where the iron ore is going there has been a further small incremental shift away from Europe towards the Far East.
To quantify this a year ago Europe took 21% of cargoes this year the total is down to 19% for China the proportion this year has increased from 48% to 49% while for other Asia the proportion has increased from 21.8% to 22.6% so the clear implication from all of this is that tonne miles are increasing faster than trade alone because of the longer-haul distance of shipping to the far east rather than Europe. (sourced from ICAP Shipping)
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