Chinese the world’s largest iron ore consumer and importer recorded imports of iron ore at 106.74 mn t in Oct’20, according to the General Administration of Customs. The imports fell marginally on monthly premises compared to 108.55 m t in Sep’20.
For the first ten months of CY’20 (Jan-Oct) the imports recorded at 975.2 mn t,. The imports picked up by 11% as against 878.6 mn t CPLY.
Monthly average iron ore prices fell in Oct’20
Monthly average global iron ore fines (Fe 62%) decreased to $120/t, CFR China in Oct’20 against that in last month at $124/t, CFR China.
Prices fell due to decline in futures and increase in port stocks. Iron ore stocks at Chinese major ports stood at 122.65 mn t in end Sept’20 which increased to 128.95 mn t in end Oct’20.
Outlook:
The imports are expected to remain supported in coming months. Most mills have completed environmental upgrades to meet emission standards; steel producers in northern China are henceforth expecting fewer disruptions to their production this winter.
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