China, world’s largest importer of iron ore has imported 94.43 MnT iron ore in Jun’17. Iron ore imports have been up by 3% M-o-M against the quantity of 91.52 MnT in May’17 and up 16% Y-o-Y from 81.6 MnT in Jun’16.
China’s iron ore imports were up 9% at 539.23 MnT for the first six months in 2017 against 493.6 MnT for the Jan-Jun in 2016.
However comparing on quarterly basis, China imported 268.18 MnT iron ore in Q2 CY17 against 271.05 MnT in Q1 CY17.
Falling prices resulted in higher imports & rise in iron ore stockpile – Notably monthly average spot iron ore fines prices in China fell by USD 4/MT M-o-M to USD 57/MT, CFR China in Jun’17.
Increased imports resulted in increased stockpile at Chinese major ports. Iron ore stocks at Chinese major ports climbed from 136.55 MnT (as on 1st week of Jun’17) to 140.3 MnT (as on last week of Jun’17).
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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