Brazil's iron ore exports drop 19% MoM in May

Brazil, the world's second-largest iron ore exporter after Australia, shipped approximately 28 million tonnes of iron ore in May, representing an 18.8% on-month decline -- a sharp reversal from the 23.6% monthly increase recorded in April, according to preliminary statistics from Comex Stat, a data platform tracking Brazil's foreign trade in goods.

Compared with the same month last year, Brazil's iron ore exports in May also fell by 19.4%, the Comex Stat data show. The decline last month was largely attributed to torrential rains that hit Brazil in early May, Mysteel Global learned. Brazil's nine monitored ports handled only 4.7 million tonnes