China, the world second largest importer of iron ore has imported 92 MnT iron ore in Jan’17. Iron ore imports have moved up by 3% M-o-M.
Imports rose despite a week-long Chinese New Year Holiday from 27 Jan’17. In addition, the low cost seaborne supply from Australia and Brazil continue to increase the supply which displaced China’s high cost iron ore production.
In Y-o-Y basis, iron ore imports have registered an increase of 12% as it was 82 MnT in Jan’16.
Global iron ore index surged to USD 82/MT in Dec’16: It is to be noted that global iron ore prices also moved up sharply in Nov’16 on stronger demand in China’s domestic steel market.
Monthly average spot iron ore fines (Fe 62%) prices remained on higher side at USD 80.4/MT, CFR China in Jan’17 which was USD 79.4/MT, CFR China in Dec’16.
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