Russia's Iron Ore exports surged 37% in May

MOSCOW (Scrap Monster): The trade statistics released by the Customs Committee of Russia indicate that iron ore exports by the country recovered sharply during the month of May this year. However, the exports during the initial five-month period from January to May this year was still down significantly when compared with the year-ago period.

The Russian iron ore exports during May this year totaled 1.812 million tonnes, rising significantly by 37% when compared with the exports during the same month a year before. The exports had totaled 1.322 million tonnes during May 2015. The average price of export dropped by 23.6% to $39.9 per tonne when matched with the average export price of $52.23 per tonne during May last year.

The largest importer of iron ore from Russia during the month was China. The imports of Russian iron ore by the country totaled 826,000 tons, accounting for nearly 46% of the total monthly exports. The exports from Russia to the country averaged at $35.1 per tonne. The second largest importer of Russian iron ore during the month was Ukraine. The imports by Ukraine totaled 209,000 tons at an average price of $36.7 per ton. In third place was the US with imports of 520,000 tons. The iron ore export prices to the US averaged at $54.7 per ton during the month.

The Russian iron ore exports during January to May this year totaled 7.304 million tons, declining considerably by 25.2% when compared with the exports during the corresponding period a year before. The exports had totaled 9.765 million tons during Jan-May 2015. The average price of exports dropped significantly by over 28.1% to $39.20 per tonne when matched with the average export price of $55.00 per tonne during the initial five-month period in 2015.

The Russian iron ore exports during April this year had totaled 1.388 million tonnes, dropping significantly by 47.7% when compared with the exports during the same month a year before. The average price of export had dropped by 18.4% to $43.3 per tonne when matched with the average export price of $53.10 per tonne during April last year.

The largest importer of iron ore from Russia during the month was Finland. The imports of Russian iron ore by the country totaled 388,322 tons, accounting for nearly 28% of the total monthly exports. The exports from Russia to the country averaged at $53.9 per tonne. The total value of exports totaled $20.929 million. The other key importers of iron ore from Russia during the month were China (353,201 tons), Turkey (157,845 tons) and Slovakia (146,885 tons).

Meantime, iron ore prices climbed higher on Thursday, regaining the $60 per tonne level for the first time since early-May this year. The prices of the commodity have rallied almost 40% since the start of 2016 and are currently at the highest level since May 3^rd. The gains in prices are primarily attributed to strength in Chinese steel prices on account of cuts in production by some mills following environmental checks by authorities.

Chile-another major iron ore exporter too reported considerable rise in export volumes during the month of May this year. The country’s iron ore exports jumped higher by 61% over the previous year to total 1.567 million tons. The country had exported 916,000 tons of iron ore during May last year.