China, the world’s largest importer of iron ore, has imported 84.27 MnT iron ore in Feb’18. The country’s iron ore imports have decreased 16% M-o-M against 100.34 MnT in Jan’18. The iron ore exports were lower due to week-long Lunar New Year holidays resulting in slowing down iron ore shipments.
However, China iron ore imports increased marginally by 1% Y-o-Y against 83.5 MnT in Feb’17.
However, imports for the first two months of CY’18 rose 5.4 % to 184.61 million tonnes against 175.5 MnT in the same period last year.
China imported 1.075 BnT iron ore in CY’17, up 8% Y-o-Y as against 1 BnT in CY’16 amid increased steel output.
Monthly average spot iron ore prices increased marginally in Feb’18 – Average global iron ore fines (Fe 62%) prices increased marginally to USD 77/MT, CFR China in Feb’18 compared to USD 76/MT, CFR China in Jan’18.
At the beginning of Feb’18, spot iron ore fines (Fe 62%) prices stood at around USD 74/MT, CFR China which moved up to USD 78-79/MT, CFR amid active restocking.
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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