Via UBS, Brazil’s loss is our gain: Initial data from Marine Traffic shows Australia’s Big 4 (BHP, RIO, FMG and Roy Hill) shipped 82.2Mt in June 2020, +12% m/m (annualised) and up 10% y/y. This represents a run rate of ~1,001Mtpa, the highest run rate since Dec-19 (925Mtpa). JQ 20 shipments were ~228Mt, up 5%
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