Brazil's July iron ore exports hit record volumes
Brazil is the world's second-largest exporter of iron ore after Australia. The steel-making material is also one of Brazil's main exports alongside oils and soybeans.
The data comes as Brazil posted a $7.1 billion trade surplus for July, down 6.3% from a year earlier.
Brazilian iron ore shipments, usually led by local miner Vale (VALE3.SA), opens new tab, rose 4.7% in July from the same month last year, government data showed, even as revenues from these exports fell 8.8% to $2.62 billion as prices dipped about 13%.
"June and July saw confidence rebound in the sector due to the progress of large projects in China and a resumption of production," Brazilian mining lobby group Ibram said in a statement.
"This is one of the factors that may have influenced this demand," Ibram added, noting it also helped global prices to edge up from late June.
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