China imported 82.13 MnT iron ore in Nov’15. Import was recorded at 75. 52 MnT in Oct’15. Iron ore import moved up by 9% M-o-M. Import volumes rose by 22% Y-o-Y against 67.4 MnT in the same consecutive month a year back.
Couple of reasons behind higher import are continuous declining iron ore prices, curtailment in steel output and slow economic growth in China.
Cumulatively, total iron ore import for the1st eleven months of 2015 was recorded at 856. 5 MnT.
In Nov’15, import volume increased, despite shrinking steel demand in China. Steel production in China during Jan-Nov’15 was recorded at 675. 1 MnT, which fell by 2.2% this year.
Cooling steel demand in China had already harmed the industrial demand and steel production. Now, steel mills are expected to cutback steel production as long as loss rises.
World’s big miners like Australia and Brazil; due to influx of more and more low cost iron ore to the market, are on the top of market share.
Iron ore inventories at major Chinese ports were recorded at 90.03 MnT; highest since may due to less buying interest by Chinese steelmakers.
Steel export
Steel export from China was estimated to be 9.61 MnT in Nov’15 against 9 MnT in Oct’15. Export was almost unchanged M-o-M. However, total export for the 1st eleven months in 2015 was recorded at 101.7 MnT.
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