Global iron ore exports rise m-o-m in Apr'26 on higher Chinese procurement

• Pre-holiday restocking keeps market momentum going
  
  
• Brazil ore exports regain backed by healthy supplies
  
  

Iron ore (including pellets) exports from key global producers, Australia, Brazil, and India, rose m-o-m in March 2026, except South African shipments. This was largely due to enhanced procurement by Chinese buyers, with a consistent effort keeping portside inventories high, and higher steel production volumes, keeping demand high before the Labor Day holidays.

Australian exports rise by 5% m-o-m

Australia's iron ore and pellet export shipments stood at 76.4 million tonnes (mnt) in April, gaining by 5% against 72.6 mnt in March, according to vessel line-up data by BigMint. Meanwhile, shipments rose by 9.5% y-o-y against 69.8 mnt in April 2025.

China remained the top importer, receiving 61.8 mnt, followed by Japan at 5.6 mnt and South Korea at 4.7 mnt. Rio Tinto was the leading exporter at 28.0 mnt, trailed by BHP at 24.8 mnt and FMG at 16.4 mnt.

The increase was mainly driven by normalisation of Pilbara shipments after earlier disruptions, allowing miners to clear backlogs and maintain stable loading schedules, resulting in a moderate rise rather than a sharp jump.

At the same time, steady Chinese demand-supported by restocking and improved mill margins- along with Australia's freight advantage and strong position in high-grade supply, ensured consistent offtake. However, the upside remained limited as higher Brazilian shipments and rising global supply capped further gains, keeping the increase modest.

Exports from Brazil spike 25% m-o-m

Brazil's iron ore exports rose by 25.4% m-o-m to 32.9 mnt in April against 26.23 mnt in March. Moreover, exports gained 7% y-o-y from 30.72 mnt in April 2025.

China remained the largest importer, taking in 23.15 mnt, followed by Malaysia at 1.48 mnt and Japan at 1.07 mnt.

The surge was mainly driven by a post-rainy season recovery, which improved mining, rail, and port operations, allowing shipments to rebound from March's low base while clearing earlier logistical bottlenecks and inventories.

At the same time, higher output from Vale's ramped-up assets and record mine production, along with strong Chinese restocking ahead of Labour Day and steel output recovery, supported volumes. The spike was further aided by temporary supply gaps from Australia, helping Brazil capture a larger share of seaborne trade.

South African exports dip 14% m-o-m

South Africa's iron ore exports stood at 4.68 mnt in April, a decline of 13.5% m-o-m against 5.41 mnt in March, as per vessel line-up data. However, export volumes edged up by 8.8% against 4.3 mnt in April 2025.

China remained the leading importer with 1.48 mnt, followed by South Korea at 0.69 mnt.

The decline was mainly driven by lower preference from Chinese buyers, as rising portside inventories and seasonal factors reduced interest in South African cargoes.

At the same time, persistent rail and port bottlenecks on the Sishen-Saldanha corridor, along with operational constraints such as maintenance issues and rising costs, limited export capacity. This was further compounded by weaker global prices and increasing competition from other suppliers, which reduced export incentives.

India's exports rebound 40% m-o-m

India's iron ore and pellet exports rose by 39.6% m-o-m to 2.29 mnt in April from 1.64 mnt in March. Moreover, iron ore and pellet exports grew by 36% y-o-y against 1.68 mnt in the same period last year.

China remained the largest importer with 1.81 mnt, followed by Malaysia with 0.13 mnt.

The rebound was mainly driven by aggressive selling by East Coast miners in late March as EC limits neared exhaustion, with exporters pushing volumes before FY-end restrictions, leading to higher April-bound shipments. Miners sold some bulk spot cargoes at the end of FY, which further led to a rise in April shipments.

At the same time, steady Chinese demand supported bookings at decent premiums without major discounting, and despite higher freight rates, even single-mine cargoes were absorbed, indicating firm export interest.

Outlook

Global iron ore export flows are expected to remain steady as few shipments are scheduled in May, booked ahead of the Labour Day holidays.