South Africa's iron ore exports surged higher in October

KAMPALA (Scrap Monster): The South African iron ore exports increased considerably during the month of October this year, according to the latest released government data.

According to data, the country’s iron ore exports totaled 5.808 million tons in October this year. The exports during the month were 28.3% higher when compared with the exports during the same month a year ago. The South African iron ore exports had totaled 4.53 million tons during October 2014.

The largest export destination of South African iron ore was China. The exports to China totaled 4.509 million tons during October, accounting for more than 77% of the total South African iron ore exports during the month. China has been the largest export market for South African iron ore continuously for over two years now.

The second largest destination of South African iron ore exports was Hong Kong. The imports of South African iron ore by Hong Kong totaled 257,000 tons during Oct ’15. The other major importers of South African iron ore during the month were South Korea (210,000 tons) and Japan (200,000 tons).

The average export price during October this year witnessed sharp decline of 38.3% year-on-year to $60.80 per ton. The export prices had averaged at $98.54 per ton during the same month last year.