Russian iron ore exports up 37% in May

Updated statistics released by the Russian Customs Committee in its latest report show that the country's iron ore exports rose sharply during May of this year. However, exports for the initial period from January to May this year are still significantly lower compared to the same period last year.

Russian iron ore exports in May this year amounted to 1.812 million tonnes, up 37% over exports in the same month a year earlier. The average export price fell 23.6% to $ 39.9 per tonne, compared with the average export price of $ 52.23 per tonne in May last year. Meanwhile, iron ore prices rose at the end of July to $ 60 per ton for the first time since early May this year.

The largest importer of iron ore from Russia during the month was China. Imports of Russian iron ore to this country amounted to 826,000 tons, which is almost 46% of the total exports for the month. Exports from Russia averaged $ 35.1 per tonne. Ukraine was the second largest importer of Russian iron ore during the month. Ukraine's imports amounted to 209,000 tons at an average price of $ 36.7 per ton. The United States ranks third with imports of 52,000 tons. US iron ore export prices averaged $ 54.7 per tonne for the month.

Exports of Russian iron ore in January-May this year amounted to 7.304 million tons, down 25.2% compared with exports for the same period a year earlier. The average export price dropped significantly by more than 28.1% to $ 39.20 per tonne, compared to the average export price of $ 55.00 per tonne in the first five months in 2015.