Brazilian Maritime Freight Demand Rises Amid Strong Demand for Commodities From China

Written by Valdemar Medeiros

Published on 05/10/2020 at 11:18

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The Commodities Market Entered The Fourth Quarter On The Rise, With The Shipping Rate From Brazil To China Increased This Year, As The Demand For Iron Ore From China Continues To Grow.

Despite the ongoing holidays in China and most of North Asia, the commodities market extended its firm operation on many of the active iron ore routes alongside Brazilian shipping.

Shipping Rates Increased Due To Iron Ore Imports From Brazil To China

Iron ore imports from Brazil to China increased by 15% month-on-month, to 23.5 million tons in August, according to the latest data from the General Administration of Customs. This is the largest volume of Brazilian iron ore imported by China so far in 2020, the data shows.

China typically sees the peak of iron ore imports from Brazil in the second half of the year. The rise in imports has helped boost demand for ton-miles on commodity ships.

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Ton-mile demand is calculated by multiplying the volume moved in metric tons by the distance traveled in miles along the shipping route. Covering a greater distance implies lower ship availability, even if the total fleet size remains the same or conversely offsets the increase in tonnage supply.

Optimistic Short-Term Outlook

“So far, the market is still promising, and the performance of the fourth quarter for commodities mainly depends on the demand for shipping from Brazil,” said a chartering source with a Chinese steel mill.

Mining Company Vale Has Not Yet Commented On The Change In Transport Of Iron Ore

Meanwhile, Brazilian mining company Vale has not announced any change in its iron ore production guidance for 2020, which is in the range of 310 million to 330 million tons, despite the shutdown of operations at its Viga concentration plant on September 24, which affects 11,000 mt/day of iron ore fines production.

Vale would need to export at least 107 million tons in the fourth quarter to meet its target for 2020. As such, market participants expect Brazil’s current market to be busier in the last quarter than in the third quarter.

Brazilian Maritime Freight Demand Rises Amid Strong Demand for Commodities From China

The Commodities Market Entered The Fourth Quarter On The Rise, With The Shipping Rate From Brazil To China Increased This Year, As The Demand For Iron Ore From China Continues To Grow.

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Brazilian Maritime Freight Demand Rises Amid Strong Demand for Commodities From China

The Commodities Market Entered The Fourth Quarter On The Rise, With The Shipping Rate From Brazil To China Increased This Year, As The Demand For Iron Ore From China Continues To Grow.

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