China, the world’s largest importer of iron ore has imported 1.075 BnT iron ore in CY’17, up 8% Y-o-Y as against 1BnT in CY’16.
Demand for high grade imported ore spurred in China owing to government regulations to make use of high-grade ore to curb pollution, supporting imports to China from Australia and Brazil.
Chinese mills have increased steel production due to strong rebound in steel prices, pushing prices both in domestic as well as in exports. Chinese steel prices
Yearly average price of HRC increased by about 36% Y-o-Y to USD510/MT, FoB in CY17.
The iron ore imports to China stood at about 84.3 MnT in Dec’17, a decline of 11% against 94.54 MnT in Nov’17.Chinese monthly average spot iron ore fines (Fe 62%) prices were up 14% at USD 72/MT, CFR China in Dec’17 against USD 63/MT, CFR China in Nov’17.
China accounts for nearly 70% of world’s seaborne iron ore trade and imports iron ore majorly from Australia, Brazil, South Africa, India, Ukraine, and Iran.
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