China is now responsible for 74.4% of global iron ore imports. As such, any shift in demand is having an enormous impact on the market. In its latest weekly report, shipbroker Banchero Costa said that “2023 was a very positive year for global iron ore trade. In Jan-Dec 2023, global loadings of iron ore increased by +5.1% y-o-y to 1,631.9 mln tonnes, from 1,552.2 in the same period of 2022, based on AXS Marine vessel tracking data. The trend remained positive in JanNov 2024, with loadings growing by +3.1% y-o-y to 1523.6 mln tonnes. Exports from Australia increased marginally by +1.1% y-o-y in Jan-Nov 2024 to 845.1 mln tonnes. From Brazil, exports surged by +6.9% y-o-y in Jan-Nov 2024 to 348.7 mln t. From Canada there was a +3.6% y-oy increase to 55.9 mln tonnes. From South Africa volumes increased +1.6% y-o-y to 48.3 mln t. India saw a correction of -7.6% y-o-y in Jan-Nov 2024 to 34.7 mln t. Ukraine has seen a rebound to 12.0 mln t from just 1.5 mln t in the same period of 2023. This however is still below the 22.4 mln t exported by Ukraine in Jan-Nov 2021”.
Source: Banchero Costa
According to Banchero Costa, “demand has been again rebounding in China and the…