Key Market Indicators
Brazilian iron ore exports are projected to climb to $20.6 billion by 2028, up from $20 billion in 2023. This represents an average annual growth rate of 0.5%. However, over the longer term, Brazil's iron ore supply has seen a slight annual decline of 0.2% since 1994. In 2023, Brazil held the second spot in iron ore exports, with Australia leading the pack at $20 billion. Following Brazil in the rankings were Canada and South Africa, coming in third and fourth, respectively. On the import side, Brazil saw a dramatic increase in iron ore imports. In 2018, imports surged to nearly $10,500, a significant jump from around $4,200 in 2017. This reflects a 150.8% increase year-on-year. Since 1994, Brazilian demand for iron ore has grown steadily by 5.6% annually.
