U.S. Iron Ore Exports Saw Notable Decline

SEATTLE (Scrap Monster): The U.S. iron ore exports recorded sharp decline by 44% during the month of May this year.

The exports totaled 1.275 million tonnes (Mt) in May ’19, significantly down by 44% when compared with the exports, which had totaled 1.635 Mt in May last year. The value of exports was up by nearly 32%, boosted by 97% year-on-year surge in iron ore prices. The primary export destinations for iron ore from the U.S. were Canada, Japan and Slovenia.

The monthly exports of lump, fines totaled 83,944 tones, whereas pellet exports totaled 1.191 million tonnes in May this year.

The combined exports during Jan-May ’19 have dropped by 26.4% year-on-year from 4.073 Mt to 3.535 Mt. The value of exports was up by 13% during this period. Also, the average price of export surged higher by 45.6% over the year from $72.1 per tonne to $89.1 per tonne. Canada (2.625 Mt), Japan (702,106 tonnes) and Slovenia (79,701 tonnes) were the three primary importers during the initial five-month period of 2019.