Seaborne iron ore exports from Brazil, the second largest iron ore exporter kept their downward trend during 2025, but even more so during the first month of 2026. In its latest weekly report, shipbroker Banchero Costa said that “2025 was another positive year for global seaborne iron ore trade. In Jan-Dec 2025, global loadings of iron ore increased by +2.6% y-o-y to 1,712.6 mln tonnes, based on AXS Marine vessel tracking data. This builds on the +2.3% y-o-y growth recorded in 2024 and +5.1% y-o-y in 2023. Exports from Australia increased in Jan-Dec 2025 by +2.0% y-o-y to 945.5 mln tonnes. From Brazil, exports surged by +5.3% y-o-y in Jan-Dec 2025 to 400.7 mln t. From Canada, there was a +1.2% y-o-y increase to 61.2 mln tonnes. From South Africa, volumes increased +4.5% y-o-y to 55.7 mln t. From India, volumes decreased -21.9% y-o-y in Jan-Dec 2025 to 28.9 mln t. From Norway, volumes increased +18.3% y-o-y in Jan-Dec 2025 to 21.2 mln t”.

Source: Banchero Costa

According to Banchero Costa, “iron ore import demand remains robust in both China and Japan. Iron ore arrivals into China decreased by -1.7% y-o-y in Jan-Dec 2025 to 1,229.3 mln tonnes. Imports into Japan declined by -0.8% y-o-y to 90.4 mln t. To the EU, imports increased by +3.9% y-o-y to 75.6 mln t. Volumes into South Korea declined by -2.3% y-o-y to 70.4 mln t. Imports into Malaysia increased by +11.1% y-o-y to 26.1 mln tonnes. To Vietnam volumes increased by +1.1% y-o-y to 21.5 mln t. To Oman, volumes were down -7.5% y-o-y to 13.4 mln t, to Saudi Arabia by -8.4% y-o-y to 10.7 mln t, to Bahrain +2.0% y-o-y to 13.0 mln t. Brazil is currently the second largest exporter of iron ore in the world, after Australia”.

Source: Banchero Costa

“In Jan-Dec 2025, Brazil accounted for 23.4% of global iron ore shipments, after Australia’s 55.2%. Canada is third with just a tiny 3.6% share, followed by South Africa in fourth place with 3.3% and India with 1.7%. In 2022, Brazil exported 335.7 mln tonnes of iron ore, which was a -2.9% decrease y-o-y, from a high of 345.7 mln tonnes exported in the full year 2021. In 2023, activity increased, with volumes increasing by +7.9% y-o-y to 362.3 mln t. In 2024, volumes increased by +5.0% y-o-y to 380.4 mln t. In Jan-Dec 2025, iron ore exports from Brazil continued to increase by +5.3% y-o-y to 400.7 mln t. Brazil’s exports fell to 28.6 mln t in Jan 2026, down from 37.9 mln t in Dec 2025, marking a sharp start-ofyear decline”, the shipbroker added.

Meanwhile, “about 49% of exports from Brazil in Jan-Dec 2025 were loaded on VLOCs (including Valemaxes), about 48% was loaded on Capesize tonnage, about 2% on Panamaxes, and less than 1% on Supramaxes. Looking at major loading ports for iron ore in Brazil, we have: Ponta da Madeira (166.1 mln tonnes in Jan-Dec 2025), Sepetiba/Itaguai (84.6 mln t), Tubarao (76.6 mln t), Guaiba (33.3 mln t), Acu (23.8 mln t), Ponta Ubu (15.3 mln t). Mainland China is still by far the top destination for Brazilian iron ore, accounting for 72.0% of Brazil’s exports in Jan-Dec 2025. Shipments to Mainland China increased by +5.8% y-o-y to 288.4 mln t in Jan-Dec 2025. Volumes to Malaysia (which is mostly for transhipment to other Asian destinations) increased by +11.9% y-o-y in Jan-Dec 2025 to 21.4 mln tonnes. Exports from Brazil to the EU declined by -19.1 y-o-y to 13.8 mln tonnes in Jan-Dec 2025. To Japan there was a -0.7% y-o-y decline to 10.5 mln t in Jan-Dec 2025, to South Korea volumes also decreased by -3.7% y-o-y to 7.2 mln t., and to the Philippines dropped by -30.7% y-o-y to 3.9 mln t. Shipments from Brazil to Oman dipped by -11.9% y-o-y to 11.3 mln t in Jan-Dec 2025, to Bahrain declined by -0.2% y-o-y to 9.9 mln t, to Egypt drastically declined by -46.4% y-o-y to 2.5 mln t, whilst those to Turkey increased by +26.2% to 5.4 mln t”, Banchero Costa concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide