China, the world’s largest importer of iron ore, has imported 94.54 MnT iron ore in Nov’17. The country’s iron ore imports have increased by 19% M-o-M against 79.5 MnT in Oct’17.
Iron ore imports by country have rebounded in Nov’17 after hitting 20 month low in Oct’17.
The China iron ore imports are increased by 3% Y-o-Y against 92 MnT in Nov’16.
For the first eleven months of CY’17 imports were up 6% to 991.9 MnT against 937.7 MnT in the same period last year.
The iron ore demand is strongly supported by Chinese steel mills, as they are heading towards stocking of materials to enhance the productions once the normal production is resumed after mid- march.
Monthly average spot iron ore prices increased marginally in Nov’17 – Monthly average spot iron ore fines (Fe 62%) prices were up 4% at USD 63.7/MT, CFR China in Nov’17 against USD 61/MT, CFR China in Oct’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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