However, it is a much larger result than one might expect at the beginning of the year. In January 2020, when China began to be hit by the pandemic, Brazil only controlled the shipment of 20. 8 million tons of iron ore. This is a huge decrease of -26. 6% compared to December 2019, and -30. 8% annually. For the total for the first quarter of 2020, Brazil exported 65. 0 million tonnes of iron ore, a disappointing drop of -17. 2% compared to the same time last year. At the time, most people think things may get even worse, with all the lockdowns and dire forecasts for the economy. However, January turned out to be the lowest point of the year. In April-June 2020, mineral exports increased to 77. 9 million tons, or + 19. 9% more than in the first quarter of the year, and actually increased + 1. 4% year-over-year, but only because of the low base of a crisis at the time of the quarter of last year, which strongly affected the Brumadinho dam crisis ”, said the broker.
According to Banchero Costa, “things were even bigger in the third quarter of 2020. In the July-September era, Brazil exported 95. 9 million tonnes of iron ore, 23. 1% more than in the current quarter and also 0. 2% more than in 302019. “In terms of business models, China seems to be even more dominant than it already was. Direct shipments to China remained through the most sensitive destination this year, accounting for 66. 9% of Brazil’s iron ore exports in January-September 2020, representing 61. 2%. % percentage at the same time last year. “