According to the Brazilian Ministry of Development, Industry and Foreign Trade (MDIC), Brazil exported approximately 24 million tons of iron ore in February, increasing by 10.9% from the previous month while dropping by 27.5% from the same month last year.

During the period, the export value was around US$2.9 billion, soaring by 94.7% year on year.

In the first two months of 2021, Brazil totally exported roughly 53 million tons, going up by 9.5% from the same period a year ago. China was the largest destination, accounting for 64% of the total, followed by Malaysia's 7.4% and Bahrain's 4.7%.