Canadian iron ore exports are witnessing a significant rise, particularly to markets in China and the European Union. The global iron ore trade of Canada grew by 5.1% in 2023, reaching a total of 1,631.9 million tonnes. This upward trend continued into 2024, with iron ore loadings increasing by 5.3% year-over-year in the first five months, totalling 672.1 million tonnes. Specifically, Canadian exports saw a 2.5% increase from the previous year, amounting to 22.3 million tonnes.
Demand for iron ore has shown a strong resurgence, particularly in China and the Middle East. From January to May 2024, iron ore imports into China increased by 5.4%, totaling 518.6 million tonnes. Significant growth in imports was also seen in Vietnam at 43.1%, Malaysia at 29.4%, and Turkey at 38.8%, indicating robust demand in these regions.
Canada maintains its position as the third-largest global exporter of iron ore, following Australia and Brazil. In 2023, Canadian iron ore exports surged by 6.9% to 58.9 million tonnes. The majority of these exports originated from ports along the St. Lawrence River, with the EU remaining the largest market, absorbing 39.2% of Canada's iron ore exports. The EU increased its intake by 11.4% year-over-year in 2023, purchasing 23.1 million tonnes. China and Japan followed, with China increasing its imports from Canada by 17.9% to 17.2 million tonnes, and Japan slightly increasing its imports by 1.3%.
Comments
No comment yet.