China’s the world’s largest importer of iron ore recorded the highest import at 1.024 BnT in 2016 according to recent data released by Chinese customs. Iron ore imports in 2016 geared up due to strong steel production, lower mine output and increased low cost imports from Australia and Brazil.
China’s iron ore yearly imports grew up by 7% Y-o-Y as it was 953.1 MnT in 2015.
China chiefly imported iron ore from Australia, Brazil, and South Africa. The imports has more than two-third of seaborne iron ore.India turns out to be fourth largest iron ore exporter to China in 2016.
Among total imports in 2016, Australia contributed 62.5%, Brazil 21%, South Africa 4.3% and India contributed 1.5%. With low cost exports from Australia and Brazil to China, its domestic crude iron ore production remained distressed as the Chinese steel makers’ preferred imported lump over domestic due to lower cost.
Exports from Australia registered at 640 MnT, up by 5.4% Y-o-Y as it was 607.1 MnT in 2015. However, on the M-o-M basis, exports from Australia increased by 0.7% as it was 56.3 MnT in Nov’16.
On similar lines, exports from Brazil, the second-largest iron ore exporter to China, remained at 214.6 MnT in 2016 against 191 MnT in 2015. Exports were up by 12.3% Y-o-Y and down by 19% M-o-M basis.
Exports from South Africa remained at 44.6 MnT in 2016 against 45 MnT in 2015, down by 0.8%Y-o-Y and 11.7% M-o-M.
India exported 15.5 MnT iron ore in 2016 against 2.07 MnT in 2015. China’s imports from India have seen a tremendous growth in 1 year.
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