SINM, a mining company from the Arab country, had a loan of USD 150 million approved by the African Development Bank, which will help it expand the logistics of iron ore transportation.
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The Libyan market imported 1.6 million tonnes of iron ore from Brazil from January to October, a 60% increase compared to the same period last year. It is the largest volume in the current decade.
The Arab country celebrates the date in Brasília, and the ambassador highlights recent activities that have fostered diplomatic and commercial rapprochement with Brazil.
Iron ore, chicken, beef, sugars, and coffee were the top export from Brazil to the North African country in the first half of the year.
Brazil doubled sugar sales to the Arab market in Q1 and stepped up iron ore exports by 43%, driving up the revenue. Imports of Arab products declined.
The commodity’s prices have declined due to a lower demand from China. Brazil’s trade balance could be impacted, and Arabs could import more.
A memorandum of understanding was signed on the sidelines of the Future Mineral Forum with the Royal Commission for Jubail and Yanbu, the region where an iron ore briquettes project will be implemented.
Lyba’s ambassador to Brasília, Osama Sawan, visited the headquarters of the Arab-Brazilian Chamber together with Libyan Iron & Steel Company chairman Mohamed Abdulmalek.
The Brazilian mining company plans to sell four million tonnes of iron ore agglomerates yearly to the Saudi Arabian Green Steel Arabia project.
Sold for higher prices, agricultural commodities accounted for 71% of the trade with the Arab countries in 2022. Sugar, poultry and iron ore were the leading items sold to the bloc.
Trade between Arabs and Brazilians in 2021 reached USD 24.25 billion. The UAE took over as the leading destination for Brazilian products.
Sales of products from Brazil to the Middle East and North Africa were up year to date through October, with a focus on iron ore, soy and poultry.
Solid bulk cargo accounted for 58% of the weight handled by Brazilian ports in the first half of the year, especially ore and oil. The Port of Vitória saw the highest hike.
In the first half of 2021, the Gulf country boosted its iron ore purchases. According to an analyst, the action was driven by the vaccination progress and the upturn of the local industry.
