Based on Customs data for the year to March 2023, South Africa exported 5 million tonnes of iron ore through ports at an annual rate of 20%.
The importing countries were Asia with 3.4 million tonnes at an annual rate of 24.4% and Europe with 1.6 million tonnes at an annual rate of 11.1%.
Fitch stated that it will decrease in the long-term due to lower demand and increased supply for iron ore, and mentioned that the price would drop to the limit of 50 dollars per ton.
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