Iron Ore Pellet - Strong Chinese Demand, Supply Constraints In Brazil Drive Current Rally In Prices: ICRA
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ICRA Research Report
China is the world’s largest importer of iron ore pellets, accounting for 23% of the total seaborne pellet trade between CY2016 and CY2020.
On the other hand, Brazil is the largest exporter, accounting for 25% of total pellet exports during this period.
Chinese pellet imports surged in CY2020 following the restraints on sintering activities by the Chinese Government to curb carbon emissions.
China imported 45.0 million tonne pellets in CY2020 against 32.6 million tonne in CY2019.
On the other hand, Brazil reported a fall in pellet exports to 15.5 million tonne in CY2020 from 24.4 million tonne in CY2019 due to continued supply-side constraints as an aftermath of the tailing dam disaster , thereby resulting in a 4% contraction in global supplies.
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