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Brazil exported 41.1M metric tons of iron ore in July, breaking a previous record of 39.5M tons set in December 2015, official government data showed Wednesday.
Brazil’s iron ore shipments, usually led by Vale (NYSE:VALE), rose 4.7% in July from the same month last year, even as revenues from iron ore exports fell 8.8% Y/Y to $2.62B, as prices fell ~13%.
“June and July saw confidence rebound in the sector due to the progress of large projects in China and a resumption of production,” which may have influenced the increase in demand, Brazilian mining lobby group Ibram said.
Brazil is the world’s second-largest exporter of iron ore after Australia as well as one of the country’s major exports alongside oils and soybeans.