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Global iron ore exports soften in February 26 as Chinese buying slows-Foundry Exhibition-The 26th China(Guangzhou) International Casting Products,foundry Industry Exhibition
3/10/2026 鑄件展-鑄造展會-casting expo-foundry exhibition |
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Iron ore (including pellets) exports from key global producers, Australia, Brazil, South Africa, and India, fellmonth on month in February 2026. This was largely driven by sluggish procurement by Chinese buyers amidrising portside inventories, which eased immediate supply concerns, and the nine-day Lunar New Year holidaybreak (15-23 February). To illustrate, Chinese iron ore and pellet portside inventories rose to 163.39 milion mtin February 2026 against 161.24 million mt in January 2026.
Australian exports drop over 15 percent month on month
Australia''s iron ore and pellet export shipments stood at 64.2 million mt in February 2026, down 16.2 percentagainst 76.6 million mt in January 2026, according to vessel line-up data compiled by BigMint. However,shipments rose 21 percent year on year against 52.9 million mt in February 2025.
China remained the top importer, receiving 53.1 million mt, followed by South Korea at 4.1 million mt and Japanat 4.1 million mt. Rio Tinto was the leading exporter at 22.0 milion mt, trailed by BHP at 20.7 milion mt andFMG at 14.8 million mt.
Following record-high January shipments supported by operational upgrades at Port Hedland, routinemaintenance activities undertaken by miners in February led to a month on month decline in export volumes. Atthe same time, Chinese demand weakened ahead of the Lunar New Year holiday, while elevated portinventories reduced the urgency for mills to book fresh Australian cargoes.
Exports from Brazil drop by 13 percent month on month
Brazi''s iron ore exports dropped by 12.5 percent month on month to 25.37 million mt in February 2026 against28.99 million mt in the past month. Meanwhile, exports decreased by 4.4 percent year on year from 26.53
million mt in February 2025.
China remained the largest importer, taking in 15.38 million mt, followed by Malaysia at 2.28 milion mt andOman at 1.18 million mt.
Subdued Chinese steel output ahead of the Lunar New Year, elevated port inventories, and Vale''s reducedproduction outlook sharply curtailed buying appetite and export momentum. Logistical disruptions, including theCarajas rail blockade and port maintenance at key terminals, delayed cargo movement and restricted shipmentloading capacity.
South African exports drop by 5 percent month on month
South Africa''s iron ore exports stood at 4.5 million mt in February 2026, a drop of 4.9 percent month on monthagainst 4.73 million mt in January, as per vessel line-up data maintained by BigMint. However, export volumesedged up by 3.4 percent against 4.35 million mt in February 2025.
China remained the leading importer with 1.32 million mt, followed by the Netherlands at 0.66 million mt
The decline in iron ore exports was primarily caused by persistent logistics bottlenecks at Transnet, limiting railshipments to Saldanha Bay. The situation was further pressured by softer global prices due to slowing steeldemand in China, additional supply from the Simandou mine in Guinea, and volatlity in the South African rand.
India''s exports fall 25 percent month on monthIndia''s iron ore and pellet exports fell by 24.8 percent month on month to 2.48 milion mt in February 2026 from3.3 million mt in January. Moreover, iron ore and pellet exports decreased by 21.6 percent year on year against2.04 million mt in the same period last year.
China remained the largest importer with 1.93 million mt, followed by Malaysia with 0.11 million mt.
Export sentiment remained subdued amid intense competition in the seaborne market, largely due to elevatedinventories in China and the availability of alternative supply sources. Steel mils in China operated below full
capacity, limiting fresh procurement.
Overall market activity was slow, with China largely on the sidelines as falling prices and comparatively bettermargins in domestic sales reduced the urgency for seaborne purchases.
Outlook
Overall buying sentiment and trade volumes are likely to pick up in March, as Chinese buyers restock materialfollowing the Lunar New Year slowdown. However, ore pricing will remain a key factor, as rising freight andinsurance costs may prompt shippers to restructure short-term cargo offers to stay profitable.
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