Source: Banchero Costa According to the shipbroker, “demand has been again rebounding in China and the Middle East. Iron ore imports into China increased by +5.4% y-o-y in Jan-May 2024 to 518.
6 mln tonnes. Imports into Japan increased by +0.1% y-o-y in Jan-May 2024 to 39.
0 mln t. Volumes into South Korea increased by +2.4% y-o-y to 29.
3 mln t. To Vietnam volumes were up by +43.1% y-o-y to 8.
4 mln t. Imports into Malaysia increased by +29.4% y-o-y in Jan-May 2024 to 9.
4 mln tonnes. To Oman, volumes were up +8.8% yo-y to 5.
2 mln t, to Saudi Arabia by +13.3% y-o-y to 4.5 mln t, to Turkey +38.
8% y-o-y to 3.7 mln t”. “Canada is currently the third largest exporter of iron ore in the world, after Australia and Brazil.
In Jan-Dec 2023, Canada accounted for 3.6% of global seaborne iron ore shipments, ahead of South Africa’s 3.2% share, and India’s 2.
7%. Seaborne iron ore exports from Canada have been relatively stable in recent years. In 2020, exports increased further by +5.
7% y-o-y to 56.4 mln tonnes. In 2021, however, Canada exported just 54.
0 mln t of iron ore, which represented a -4.3% y-o-y decline. In 2022, volumes increased again by +2.
0% y-o-y to 55.1 mln tonnes. In 2023, exports surged by +6.
9% yo-y to 58.9 mln t. The vast majority of Canadian iron ore exports are loaded in the St.
Lawrence river, in the east of the country. The largest loading ports in Canada by volumes are Sept-Iles (Seven Islands) with 17.9 mln tonnes of iron ore loaded in Jan-Dec 2023, Port Ca.
