China – world’s largest iron ore consumer and importer recorded iron ore and pellet imports at 1069 MnT in CY19 compared to last year imports at 1064 MnT according to General Administration of Customs.
China iron ore imports inched up in CY’19 despite supply crisis from big miners (like Vale, Rio Tinto, etc) in the first half of 2019, amid Vale tailings dam mishap in Brazilian mine followed by cyclone hit in west Australia.
On monthly basis, Iron ore and pellet imports hit 2 years high to 101.3 MnT in Dec’19. The imports witnessed a sharp hike of 12% on monthly basis compared to 90.65 MnT in Nov’19. The hike in imports is attributed to strong Chinese demand amid restocking ahead New Yera holidays and recovery in shipments from big miners.
On a yearly basis, China’s iron ore imports picked up by 17% as compared to Dec’18 imports at 86.65 MnT.
Average spot Iron ore Prices Increased 34% in CY’19
Yearly average spot iron ore prices for the year (CY’19) increased by 34% to USD 94/MT, CFR China as compared to USD 70/MT, CFR China in CY18. The rising demand from Chinese mills and material crises in the global market led to rise in prices for the year.
Monthly average global iron ore fines (Fe 62%) index price in July’19 witnessed highest for the year at USD 120/MT, CFR China. The prices for the month were hovering five years high levels at USD 126/MT, CFR China towards early July.
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