Country Report

Brazil iron ore supply summary

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07 July 2020

Brazil iron ore supply summary

Report summary

2019 saw Brazil’s production volumes falling by nearly 13% in the aftermath of Vale’s Brumadinho dam failure. Despite that, the world's lowest cost exporting country saw its cash margins expanding by 13% last year as a result of higher iron ore prices. In 2020, we expect production and margins to once more trend in opposite directions. While margins are set to contract on the back of lower iron ore prices, output from Brazil is poised to grow thanks to higher output from Vale's flagship project, S11D. Despite lower iron ore prices, a 25% drop in costs is set to shield Brazilian producers' margins from a sharp fall this year. Lower costs will come as a result of historic-low oil prices and an even depreciated Brazilian real. Healthy margins and an increasing seaborne demand for Brazil’s products have emboldened suppliers in the country to invest in growth capex. Vale's S11D and CSN’s expansions are two of the most important projects driving capital expenditure at the moment.

Table of contents

  • Vale
  • CSN
  • Anglo American
  • Samarco
  • Quadrilátero Ferrífero (QF)
  • Carajás Basin
  • Urucum Basin
  • Quadrilátero Ferrífero (QF)
  • Carajás Basin
  • Urucum and Amapá Basins
  • Cash costs
  • Capital costs

Tables and charts

This report includes 17 images and tables including:

  • Raw Fe grade 2020
  • Product impurities - alumina and silica 2020
  • Attributable marketable reserves by company (at 01/01/2020)
  • Marketable production by product type
  • Costed production by 2020 status
  • Port export capacity
  • Detailed map - Quadrilátero Ferrífero (QF)
  • Detailed map - Carajás
  • Detailed map - Corumbá
  • Detailed map - Amapá
  • Cash costs by key company
  • 62% Fe adjusted CFR cost curve to North China, Q2 2020
  • Cash costs
  • Capital costs
  • Average operating margin (US$/tonne)
  • Fiscal terms

What's included

This report contains:

  • Document

    Brazil iron ore supply summary

    PDF 2.42 MB

  • Document

    Brazil_iron_ore_supply_summary.xls

    XLS 340.00 KB