Rising Iron Ore Prices Could Benefit Brazil’s Trade Balance

The commodity’s prices started increasing in 2020 and are expected to stay high this year. Increased demand from China and Vale’s reduced output are some of the reasons.

RIO DE JANEIRO, BRAZIL - (ANBA) Higher iron ore prices are expected to benefit the Brazilian trade balance in 2021, drive up profitability of the commodity’s exporters and make ore-derived products more expensive.

The reasons for rising ore prices are a decreased supply due to the pandemic and an ever-increasing demand. The commodity is currently worth as much as USD170 per ton. Last February, it was worth USD78 per ton.

According to data from Brazil’s Ministry of Economy, last year the country exported USD22.7 billion worth in iron ore, USD16.3 billion of which were to . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?