As we have reported earlier, China Records Highest Monthly Iron Ore Imports in May’16. The world’s largest consumer of iron ore, China imported 86.7 MnT iron ore in May’16. The country imports more than two third of seaborne iron ore.
In May’16, iron ore imports increased by 22% Y-o-Y, as it was 70.9 MnT in the same consecutive month last year. China iron ore imports in the first five months of 2016, recorded at 412 MnT, up by 9% higher than in the same consecutive months in 2015.
Country majorly imports iron ore from Australia, Brazil, and South Africa. Among total imports in May’16, Australia contributed 63%, Brazil 19% and South Africa contributed 4% of total imports to China.
Exports from Australia registered at 54.7 MnT, increased by 6.6% M-o-M as compared to last month. However, on a Y-o-Y basis, exports from Australia, increased by 19.4% as it was 45.8 MnT in May’15.
On similar lines, exports from Brazil, the second largest exporter to China, remained at 16.8 MnT in May’16. Exporter was up by 3.7% M-o-M and up by 26.3% Y-o-Y basis exports as it was 13.3 MnT in May’15. Meanwhile, exports from South Africa had almost remained at 3.4 MnT.
By looking towards the continuous gain in iron ore imports, it is expected that China will import nearly 1 BnT iron ore in 2016.
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