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Iron Ore July 31, 2014 03:00:36 AM

Canadian Iron Ore exports surged 18% y/y in May ‘14

Paul Ploumis
ScrapMonster Author
According to latest trade statistics, the iron ore exports by Canada surged higher during the month of May this year

Canadian Iron Ore exports surged 18% y/y in May ‘14

TORONTO (Scrap Monster): According to latest trade statistics, the iron ore exports by Canada surged higher during the month of May this year. However the export prices dropped sharply. This is when compared with the same month a year ago.

The iron ore exports by Canada during May ’14 totaled 3.99 million tons, 17.9% higher when compared with the exports during same month in 2013. The country had exported 3.38 million tons of iron ore during May last year. However, export prices dropped 13.1% over the year. The iron ore export prices averaged at $103.6 per ton in May ’14 as against $119.2 per ton in May ’13.

The largest importer of Canadian iron ore was China. The Chinese imports totaled 784,242 tons, accounting for nearly 20% of the total exports by Canada. The second largest export destination was Japan with 770,813 tons. In third place was North Korea with 487,980 tons.

The cumulative iron ore exports by Canada during April to May this year totaled 4.08 million tons. The export price during this period averaged at $106.35 per ton.

Meanwhile, Canada remained the largest importer of iron ore from the US during the five-month period from January to May this year. The iron ore imports by Canada from the US totaled 2.05 million tons during the period.

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