Brazil’s iron ore exports have surged to levels not seen since before the 2019 Brumadinho dam disaster. The country shipped 389.1 million tonnes of iron ore in 2024, nearly matching the 389.8 million tonnes exported in 2018.
This data comes from Brazil’s Ministry of Development, Industry, and Foreign Trade. The export recovery marks a significant milestone for Brazil’s mining sector.
Shipments had plummeted 10% in 2019 following the tragic dam collapse at Vale’s Córrego do Feijão mine. The disaster killed 270 people and devastated the local environment.
Vale, Brazil’s largest iron ore producer, led the export rebound. The company accounted for about 70% of total iron ore shipments in 2024. Other factors driving the recovery included new market entrants and expanded operations by established firms.
China remained the top buyer of Brazilian iron ore, receiving 67% of exports. Malaysia ranked second with a 5.4% share. Within Brazil, the states of Pará and Minas Gerais dominated production.
Brazil’s Iron Ore Exports
They accounted for 43.2% and 42.4% of exports respectively. Despite higher export volumes, revenues declined slightly in 2024. Brazil earned $29.8 billion from iron ore exports, down 2.4% from 2023.
This drop reflected lower global iron ore prices, which fluctuated between $90 and $145 per tonne. Industry experts expect Brazilian iron ore exports to remain strong in 2025.
Vale aims to produce 325-335 million tonnes, up from 328 million in 2024. CSN Mineração targets 42-43.5 million tonnes, similar to its 2024 output. However, challenges loom on the horizon.
Analysts predict that reduced steel demand in China could limit import growth. Additionally, new iron ore projects in Africa may increase global supply later this decade. The export rebound demonstrates the resilience of Brazil’s mining sector.
It also highlights the ongoing importance of iron ore to the country’s economy. As the industry moves forward, balancing growth with safety and environmental concerns remains crucial.