Country Report

Brazil iron ore supply summary

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2021 saw Brazil’s production volumes increase by 7.5% as operations gradually ramped up following the tragic Vale dam burst at Brumadinho in 2019. Furthermore, the world’s lowest-cost and second-largest exporting country saw its cash margins expand by 55% last year as a result of historically high iron ore prices. In 2022, we expect production and margins to 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. In addition to lower iron ore prices, an 18% hike in costs is set to dampen margins this year as a result of mounting inflation, growing oil prices and an appreciated Brazilian real. Healthy margins and increasing seaborne demand for Brazil’s high-grade 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 now.

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 16 images and tables including:

  • Raw Fe grade 2022
  • Product impurities - alumina and silica 2022
  • Attributable marketable reserves by company (01/01/2022) (Mt)
  • Marketable production by product type
  • Costed production by 2022 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, Q1 2022
  • Cash costs
  • Capital costs
  • Average operating margin (US$/tonne)
  • Fiscal terms

What's included

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    Brazil iron ore supply summary

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