Iron ore via the Northern Sea

Global iron ore shipments rose in Q1 2024 but with Chinese steel production weaker than expected, future shipments may decline due to oversupply.

Russia’s vice-premier Marat Khusnulin anticipates that Mariupol alone could handle as much as 1 million tons per annum of various cargoes in 2024.

Possible losses to the Latvian economy in the case of the manganese ore ban are estimated at several million in port fees and more than EUR 10M for the railway.

“There is a shortage of seaport handling capacities in Russia. The problem has become especially pressing after we lost access to the Finnish and Baltic ports”

Five CEE signatories emphasize that the war against Ukraine has been financed from, among other things, Moscow’s revenues for its grain exports to the EU.

Total shipments from Australia and Brazil – significant iron ore suppliers – decreased by 12.5% week-on-week to 22.08 million tons for the week ending March 18.