Brazil's iron ore exports decline further in February

Brazil's iron ore exports fell 48.8% year-on-year in February to US$686mn, according to foreign trade department Secex.

The drop was mostly due to falling prices amid a supply glut on the international market. The average price of Brazilian iron ore in February was US$22.90/t, down 54.4% year-on-year.

In terms of volume, exports increased 12.3% to 29.9Mt.

February flat-rolled steel exports rose 17.9% to US$135mn while volumes ballooned 87.2% to 321,200t. The price fell 37.0% to US$419/t.

Exports of semi-manufactured iron and steel products fell 17.3% to US$170mn, with volumes increasing 38.6% to 648,100t and prices falling 40.3% to US$262/t.

Brazil's aluminum exports slumped 41.9% to US$46.6mn in February. Volumes fell 16.8% to 31,700t, while prices dropped 30.2% to US$1,469/t.