Downpours Drag Down Brazil Iron Ore Shipments to Lowest in Years
Mariana Durao and James Attwood, Bloomberg News
BC-Downpours-Drag-Down-Brazil-Iron-Ore-Shipments-to-Lowest-in-Years , Mariana Durao and James Attwood
(Bloomberg) -- The heavier-than-normal rainfall that doused southern Brazil last month is showing up in the country’s trade data, with January iron ore shipments coming in at the lowest level in at least six years.
The adverse weather disrupted mines in Minas Gerais state, with companies including the world’s No. 2 producer, Vale SA, halting operations in the first days of the year.
The interruption cost about 1.8 million metric tons of exports from the state, which translated to a 13% decline in January shipments from a year ago. That may provide further support for recovering iron ore futures.
Vale may give details of the disruptions in quarterly results later this month.
©2022 Bloomberg L.P.
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