Country Report
Brazil iron ore supply summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Wood Mackenzie's report covers about 96% of Brazil's iron ore industry. Emerging players like J&F Mineracao are also gaining traction. Brazil remains a key player due to its high-quality iron ore, with Vale advancing their solution-centric strategy. Despite this, Brazilian miners have lost their cost advantage over Australian competitors. The weakening Chinese construction sector affects demand and challenges the industry. Brazil’s ambitions to mine an extra 100 Mtpa and Simandou’s development will contribute to a significant swing factor for global seaborne supply over the medium to long term. Forecast prices stand at US$110/tonne in 2024, decreasing to US$75/tonne long term. Brazilian producers will likely see margins around US$30-33/tonne. The transition towards value-based pricing and the demand for high-grade ores benefits Brazilian suppliers like Vale and Anglo-American. Pellet producers also maintain high margins due to their benchmark status worldwide.
Table of contents
- Vale
- CSN
- Anglo American
Tables and charts
This report includes 16 images and tables including:
- 2024 raw %Fe versus marketable production (Mt)
- 2024 Product impurities - alumina and silica and ore mined raw (Mt)
- Attributable marketable reserves by company (01/01/2024) (Mt)
- Marketable production by product type
- Costed production by 2024 status
- Port export capacity
- Detailed map - Quadrilátero Ferrífero (QF)
- Detailed map - Carajás
- Detailed map - Corumbá
- Detailed map - Amapá
- Cash costs by key company
- 62% Fe adjusted CFR cost curve to North China, Q1 2024
- Cash costs
- Capital costs
- Average operating margin (US$/tonne)
- Fiscal terms
What's included
This report contains:
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