China, the world’s largest importer of iron ore has imported 88.66 MnT iron ore in Aug’17. The country’s iron ore imports have been up 2.9% M-o-M against the quantity of 86.25 in Jul’17.
The China iron ore imports were up Y-o-Y as well by 1.1% against 87.72 MnT in Aug’16; the China iron ore imports were up 7% at 714.4 MnT for the first eight months in 2017 against 670 MnT between Jan-Aug in 2016.
Experts believe that the, due the strong steel production the Chinese iron ore imports will continue to be high, moreover the production still can wait until the second week of Nov as the winter begins.
High grade material demand up – The Chinese manufactures are using high grade material to mitigate the increased coking coal prices resulting in favor of Indian pellet exporters.
The environmental control policies in China have forced the industry buying turn to the better quality feeders to curb the hazardous levels of pollution.
The iron ore prices have been rising in China consistently from the end of June. Monthly average spot iron ore fines (Fe 62%) prices were analyzed at USD 76/MT, CFR China in Aug’17 which were USD 67/MT, CFR China in Jul’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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