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Brazil puts another brick in the wall

Declining European steelmaking, falling iron ore prices and higher freight rates to Asia are forcing Brazilian ore producers to re-evaluate production projects
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Brazil’s iron ore exports, the country’s main export for over a decade, totalled 128 Mt in January to June 2013, down from 136 Mt in the same period last year. According to the latest figures from foreign trade department Secex, it generated US$2.67B in July, down 10.3% from US$2.84B during the corresponding period last year. But the amount of iron ore shipped abroad was 29.69 Mt in July, 4.2% more than the 27.25 Mt exported in July 2012. In August, Brazil’s iron ore exports generated revenue of US$2.64B, down 4.35% from US$2.76B a year before. The average sale price decreased 14% to US$89.8/t from US$104.3/t, Secex noted.
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