The Tubarão-Qingdao freight rate, the benchmark for iron ore from Brazil to China, reached $30.65 per metric ton (mt), the highest since March 2024, according to a report from brokers Banchero Costa.
That price was 57 percent higher than reported two months earlier, up 28 percent since the war began on Feb. 28 in the Middle East.
With the usual Brazil-China iron ore route unaffected by the conflict, expert sources consulted by SteelOrbis mentioned that the increase reflects cumulative uncertainty and higher fuel costs.
