Brazil’s iron ore exports globally in March soared by 18.2% from February to around 28.4 million tonnes after the previous two months’ dip, according to the latest statistics from Brazil’s Ministry of Industry, Foreign Trade and Services. The March total was also 34% higher on year.

Last month, iron ore prices had retreated overall from their multi-year highs amid the bearish market sentiment, triggered by concerns regarding Chinese steel mills’ demand. The price of 65.1% grade Carajas fines – one of Vale’s major iron ore products – declined to $194.35/dmt CFR Qingdao by March 31, or down $8.1/dmt on month, the data show.

Brazil, China’s second largest iron ore supply source, exported around 235.7 million tonnes of iron ore to China in 2020, accounting for 20% of total imports.