According to General Administration of Customs, China – the world’s largest iron ore consumer and importer recorded iron ore and pellet imports at 90.65 MnT in Nov’19. The imports witnessed a slight fall of 2% on monthly basis compared to 92.86 MnT in Oct’19. The decline in imports is attributed to falling shipment from major miners.
World’s largest iron ore miner Vale (Brazil) on 11th Nov reduced iron ore and pellet sales guidance to 307-312 MnT for 2019 amid dealing with the aftermath of the Brumadinho dam disaster of Jan’19. Also, shipment from Australia’s Port Hedland to China depicted around 1% drop for the month.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports decreased to 129.4 MnT towards Nov’19 end as against 131.65 MnT assessed towards end of Oct’19.
However, on a yearly basis China’s iron ore imports picked up by 5% as compared to Nov’18 imports at 86.25 MnT.
China’s total iron ore imports for Jan-Nov’19 witnessed at 969.2 MnT, down by around 9 MnT as against same duration previous year (Jan-Nov’18) at 978.09 MnT.
Average global iron ore fines prices down in Nov’19
Monthly average global iron ore fines (Fe 62%) decreased by 5% for the month of Nov’19 as compared to last month’s prices. The prices recorded at USD 84.5/MT, CFR China in Nov against last month at USD 89/MT, CFR China. The spot iron ore fines (Fe 62%) have witnessed drop in past few months against USD 120/MT, CFR China assessed towards July’19.
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