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Source: Banchero Costa
According to the shipbroker, “demand has been again rebounding in China and the Middle East. Iron ore imports into China increased by +5.4% y-o-y in Jan-May 2024 to 518.6 mln tonnes. Imports into Japan increased by +0.1% y-o-y in Jan-May 2024 to 39.0 mln t. Volumes into South Korea increased by +2.4% y-o-y to 29.3 mln t. To Vietnam volumes were up by +43.1% y-o-y to 8.4 mln t. Imports into Malaysia increased by +29.4% y-o-y in Jan-May 2024 to 9.4 mln tonnes. To Oman, volumes were up +8.8% yo-y to 5.2 mln t, to Saudi Arabia by +13.3% y-o-y to 4.5 mln t, to Turkey +38.8% y-o-y to 3.7 mln t”.
“Canada is currently the third largest exporter of iron ore in the world, after Australia and Brazil. In Jan-Dec 2023, Canada accounted for 3.6% of global seaborne iron ore shipments, ahead of South Africa’s 3.2% share, and India’s 2.7%. Seaborne iron ore exports from Canada have been relatively stable in recent years. In 2020, exports increased further by +5.7% y-o-y to 56.4 mln tonnes. In 2021, however, Canada exported just 54.0 mln t of iron ore, which represented a -4.3% y-o-y decline. In 2022, volumes increased again by +2.0% y-o-y to 55.1 mln tonnes. In 2023, exports surged by +6.9% yo-y to 58.9 mln t. The vast majority of Canadian iron ore exports are loaded in the St. Lawrence river, in the east of the country. The largest loading ports in Canada by volumes are Sept-Iles (Seven Islands) with 17.9 mln tonnes of iron ore loaded in Jan-Dec 2023, Port Cartier with 17.7 mln, and Pointe Noire with 14.8 mln t. Additionally, 5.3 mln tonnes were loaded this year from Milne Inlet on Baffin Island, far north in the Arctic”, the shipbroker said.
![](https://www.hellenicshippingnews.com/wp-content/uploads/2024/06/28620242.jpg)
Source: Banchero Costa
Banchero Costa added that “given the location of the load ports, the natural market for Canadian iron ore is the Atlantic Basin. Nevertheless, given the limited size and lack of growth potential of the European market, Canada has quite successfully diversified also into the Asian markets. The European Union is still by far the top destination, accounting for 39.2% of Canada’s total iron ore exports in 2023. The EU, which was already the top buyer of Canadian seaborne iron ore, further increased volumes by +11.4% y-o-y in Jan-Dec 2023 to 23.1 mln t, from 20.7 mln t in 2022. The second top destination for Canada’s iron ore exports is Mainland China, accounting for a 29.1% share. Shipments from Canada to China increased by +17.9% y-o-y to 17.2 mln tonnes in 2023, from 14.6 mln tonnes in 2022. In third place was Japan, with 6.7 mln tonnes in 2023, up +1.3% y-o-y. Japan accounts for 11.3% of Canada’s total exports. In fourth place is South Korea, which imported 3.6 mln t from Canada in 2023, down -24.5% y-o-y”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide