China Iron Ore Import Increases by 16% in Mar’16

World’s largest consumer of iron ore, China has imported 85.7 MnT iron ore in Mar’16. Country majorly imports iron ore from Australia, Brazil and South Africa.

Country’s imports has increased by 16.4% in Mar’16. Imports were around 73.6 MnT in the month of Feb’16. However, on Y-o-Y basis, imports are up by 6.4% as it was 80.5 MnT in Mar’15. Meanwhile, in the first quarter of the year, the country imported 241 MnT iron ore, up by 6.1% in the same period prior this year.

Imports volume are up on account of week long Chinese New Year break and volatile spot iron ore prices throughout Mar’16.

The average iron ore import price in China remained at USD 45.28/MT in Mar’16, up from USD 42.81/MT in the month of February.