Brazil's global iron ore exports retreat in November

Iron ore exports to global destinations from Brazil, the world's second largest exporter of iron ore after Australia, fell sharply in November, with the volume slumping by 6 million tonnes or 14.7% on month to 34.5 million tonnes, according to preliminary statistics from Comex Stat, a data platform for Brazil's foreign trade in goods.

November usually marks the beginning of Brazil's rainy season that will last until April, so the seasonal decline of iron ore shipments last month could have been predicted, a Shanghai-based market watcher commented. Although November's exports marked the lowest monthly level since April, they were still 2.5% higher compared with