According to the National Bureau of Statistics, China – the world’s largest consumer and importer of iron ore has recorded crude iron ore production at 74.64 mn t in May’20, almost flat as against 74.38 mn t in Apr’20.
On the other hand, output picked up by 5% y-o-y as compared to 70.8 mn t in May’19. During first five months of CY20 (Jan-May’20) China’s crude iron ore output increased by 1.5 mn t to 336.96 mn t as against same time frame last year at 335.45 mn t for CY19(Jan-May).
China iron ore & pellet imports fell in May due to high prices
China iron ore and pellet imports recorded at 87.03 mn t in May’20, according to the General Administration of Customs. The imports witnessed a 9% fall on a monthly basis as compared to 95.71 mn t in Apr’20. The surge in prices curbed some purchases for the month. The spot iron ore fines (Fe 62%) prices picked up sharply in the month of May’20 to over $ 100/t, CFR China.
Monthly average global iron ore fines (Fe 62%) increased significantly by 11% to $ 94/t, CFR China in May’20 against that in last month at $ 84/t, CFR China. Prices increased on Brazilian supply concerns and falling inventory at the Chinese ports.
Leave a Reply