Iron ore never let us down

(Jan-May)
With no surprise, iron ore trade expanded among the surging prices. In the first 5 months, Asian major importers bought 559.6 million tonnes of iron ore which represented a growth rate of 7% YoY, and 10% over same period of 2019.

Out of CJKV (China Japan Korea and Vietnam), China has always been the best buyer with an unload of 471.97 million tonnes during Jan-May, achieved a 6% YoY and 11% on top of 2019. Japan sadly lost 12% in Jan-May 2020 compared with 2019, namely 6 million tonnes, 2021 was slightly better than last year, meaning 45.69 million tonnes in 2021, 4% plus on 2020 and -9% down from 2019. Korea bought 30.80 million tonnes iron ore this year, 11% on top of 2020 and 5 % over 2019.

Vietnam's appetite for iron ore is eye-catching, which did 19.36 million tonnes in 12 months in 2020, a 19% YoY on 2019. The first 5 months, Vietnam did 11.12 million tonnes, a sharp increase of 68% over Jan-May 2020. Another thing needs attention, Australian share to China's iron ore imports stood at 62.17% in 2019, but it declined to 60.93% in 2020, it further went down to 59.98% in Jan-April statistics. Considering 117 million tonnes of iron ore imports 2020, 1 percent means 11.7 million tonnes. Believe China is diversifying sources of origins now, which could push up ton-miles, such as increments from Brazil, South Africa and Ukraine.

Source: Simon Young

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