The Brazilian Port of Itaguaí exported 23.1mn mt of iron ore between January and August this year, declining by 8.7pc from 25.3mn mt shipped during the same period last year.

 

In the second quarter of this year alone, the Port of Itaguaí exported 10.3mn mt of iron ore, increasing by 14.8pc from Q2 2019, the state’s port authority Docas do Río said in a statement.

 

The Port of Itaguaí exported more iron ore in the second quarter of this year than any of the country’s other ports, comprising 12.5pc of all Brazilian iron ore exports carried out by a state-run port, Docas do Río said, adding that higher demand from China and favorable exchange rates were contributing factors.

 

However, the Brazilian steel industry is still only operating at about 60pc of its production capacity, as the fallout from the COVID-19 pandemic continues.  

 

Brazil’s crude steel output increased by 6.5pc to 2.70mn mt in August from 2.53mn mt a year earlier, according to the latest figures released by the World Steel Association.

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