Brazil's iron ore exports increased 5.9 million tonnes or 18.5% on a yearly basis to 37.86 million tonnes in September, the highest since December 2015, according to the latest data from the Ministry of Industry, Foreign Trade and Services of Brazil.
The exports picked up 20.8% from August. This was mainly attributed to the significant growth in iron ore exports to China, a Shanghai-based analyst noted.
Brazil exported a total of 248 million tonnes of iron ore over January-September, narrowing year-on-year decline to 5.46%, data showed.
Brazil's iron ore production was hit by heavy rainfalls at the beginning of the year and the outbreak of COVID-19 pandemic, leading Australian iron ore to gain a larger share in the global market. Yet, since June, its iron ore exports have gradually restored to pre-pandemic levels.
The increasing iron ore exports did not curb price surge. Owing to solid demand in China amid strong recovery of industrial activities, iron ore prices soared to six-year highs in the third quarter of 2020.
(Writing by Shengnan Liu Editing by Harry Huo)
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