China’s iron ore imports down in Nov from Oct, up 10.9% in Jan-Nov

China’s iron ore imports down in Nov from Oct, up 10.9% in Jan-Nov

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Iron ore imports in China increased by 10.9 percent year on year to 1.07335 billion mt in the January-November period of the current year, with the year-on-year rise 0.3 percentage points slower than that recorded in the first ten months of the year, as announced by the Chinese customs authorities on December 7.

In November alone, China imported 98.15 million mt of iron ore, up 8.3 percent year on year, while down 8.05 percent month on month. The month-on-month decline was due to lower shipments from major exporters Australia and Brazil.

Iron ore prices moved on an overall uptrend in November amid good demand from steelmakers, reaching their highest level during the month of $132/mt CFR on November 30, and this rising trend has continued in December. It is thought that import iron ore prices will likely edge up further until mid-December and will likely see a downward correction in late December due to the cold weather and the expected slackening of demand.

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