Really looks like the seasonal raindall pattern has hit Vale (and Brazil) harder than usual this year- with export numbers starting off low in Jan then continuing to fall into March. FMG, on the other hand, is powering. "Recent abundant rainfalls in Brazil."

Sharp seasonal slow-down for Brazil iron ore exports in early Jan’24!

Despite ending 2023 at 5-year high levels and posting a new record at 10.1Mt/wk on the week connecting 2023 to 2024…

… weekly iron ore exports from Brazil relaxed -59% WoW to 4.7Mt/wk last week, down to the slowest week on record in almost a full calendar year. Invincible seasonality? Iron ore mining and land logistics have suffered from recent abundant rainfalls in Brazil and led port throughput to reset from high Q4 down to lower Q1 levels.