Iron Ore exports by the US dropped 11% during Jan-May '14

SEATTLE (Scrap Monster): According to latest government data, the iron ore exports by the US declined during the initial five-month period in 2014. However, the exports during the month of May increased significantly over the previous year.

The exports during the month of May ’14 alone totaled 1.22 million tons. The May ’14 exports have surged higher by 46.3% over the previous year. The export prices have declined sharply by 16% over the previous year to $111.2 per ton.

As per government data, the country’s iron ore exports during the five month period from January to May this year totaled 3.82 million tons. The exports during this period have declined by 11.2% when compared with those during the corresponding five-month period in 2013. The US had exported 4.30 million tons of iron ore during January to May last year.

During the five-month period, the largest export destination for US iron ore export was Canada. The exports to Canada totaled 2.05 million tons, constituting more than 50% of the total US exports during the period. The second largest importer of US iron ore was China. The Chinese imports totaled 1.03 million tons. In third place was Mexico with 626,000 tons.