Brazil exported 41.1 million metric tons of iron ore in July, breaking the country’s previous record of 39.5 million tons set in December 2015, official data showed on Wednesday.
Brazil is the world’s second-largest exporter of iron ore after Australia. The steel-making material is also one of Brazil’s main exports alongside oils and soybeans.
The data comes as Brazil posted a $7.1 billion trade surplus for July, down 6.3% from a year earlier.
Brazilian iron ore shipments, usually led by local miner Vale, rose 4.7% in July from the same month last year, government data showed, even as revenues from these exports fell 8.8% to $2.62 billion as prices dipped about 13%.
“June and July saw confidence rebound in the sector due to the progress of large projects in China and a resumption of production,” Brazilian mining lobby group Ibram said in a statement.
“This is one of the factors that may have influenced this demand,” Ibram added, noting it also helped global prices to edge up from late June.
(By Roberto Samora and Andre Romani; Editing by Sarah Morland and Leslie Adler)
