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Global iron ore shipments have fallen 7% y/y, during the first seven weeks of 2025, amid supply disruptions and weak Chinese import demand. Australian cargoes have fared the worst, down 10% y/y while shipments from Brazil have weakened by 5% y/y. The comparatively stronger Brazilian shipments are boosting average sailing distances, but tonne mile demand is nonetheless estimated to have taken a 6% fall y/y.
