In Jan-Oct 2022, iron ore shipments declined by -2.6% y-o-y to 1,254.5 MMT, from 1,287.7 MMT in 2021. This was similar  to the 1,254.6 MMT shipped in 2019.

Exports from Australia increased by +0.8% y-o-y in Jan-Oct 2022 to 738.1 MMT, marginally above 2020 levels, and a new record high.

Exports from Brazil, declined by -2.9% y-o-y to 279.7 MMT, from 288.2 MMT last year, although it was higher than in 2020.

Demand is weighed down by China, with iron ore imports down by -2.1% y-o-y to 889.5 MMT in the 10 months of 2022.

Australia is the world’s largest exporter of iron ore, with a 58.8% market share in 2022, well ahead of Brazil’s 22.3% and South Africa’s 3.7%.