Brazil, the world’s second largest iron ore exporter, continued to struggle in 2020, with exports declining by -2.0% y-o-y to 334.0 MMT. China was still by far the top destination for Brazilian iron ore at 72% and exports increased by +12.9% y-o-y to 240.5 MMT in 2020. In 1Q 2021, shipments from Brazil to China surged by +20.4% y-o-y, to 50.0 MMT, an all-time record.