China’s iron ore and pellet imports have witnessed an increase of 8% M-o-M in July’18. The imports recorded at 89.96 MnT in July’18 compared to 83.24 MnT in June’18, according to General Administration of Customs, China. The imports took a forward leap due to strong steel margins and high crude steel production. The country’s crude steel production recorded at 80.2 MnT in June’18.
Average global iron ore fines (Fe 62%) prices in July’18 recorded at USD 65/MT, CFR China down by 2% against USD 66/MT, CFR China.
On yearly basis, the imports in July’18 recorded increase of 3% as compared to July’17 imports at 87.31 MnT.
The total imports for Jan-July’18 witnessed at 620.63 MnT, down 2% as against same duration previous year (Jan-July’17) at 635.18 MnT.
The Chinese ministry issued stricter norms for pollution control measure from Oct 2018 to Mar 2019 resulting in reduced restocking by the mills owner in China. Chinese steel mills continue to prefer high grade iron ore over low grade for higher steel margins and imposed sinter restrictions.
The production cuts will possibly be implemented from 1st Oct’18 instead of 15 Nov’18 as was done a year before.
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