China, the world’s largest importer of iron ore, has imported 93.7 MnT iron ore in Jan’18. The country’s iron ore imports have increased by 11% M-o-M against 84.3 MnT in Dec’17. With Chinese steel mills restocking inventories ahead of Lunar New Year Holidays which starts on 15 Feb’18. This resulted in iron ore import volumes to move up.
Iron ore imports by country have rebounded in Jan’18 and have hit sixth-biggest on record. The highest monthly iron ore import was recorded in Sept’17 at around 103 MnT.
The China iron ore imports are increased by marginally 2% Y-o-Y against 92 MnT in Jan’17.
China imported 1.075 BnT iron ore in CY’17, up 8% Y-o-Y as against 1BnT in CY’16 amid increased steel output.
Monthly average spot iron ore prices increased in Jan’18 – Monthly average spot iron ore fines (Fe 62%) prices were up 6% M-o-M at USD 76/MT, CFR China in Jan’18 against USD 72/MT, CFR China in Dec’17.
China accounts for nearly 70% of world’s seaborne iron ore trade and imports iron ore majorly from Australia, Brazil, South Africa, India, Ukraine, and Iran.
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