Friday, December 10,
Imports of iron ore surged 25.5 percent to 57.38 million tonnes in November, official data from China’s customs authority showed.
The figure represented a 12.4 percent increase on November last year, with buyers seeking to rebuild inventories for winter.
Many traders have been rushing orders through before a much-anticipated contract price rise for the first quarter of 2011.
“Overall purchases by Chinese steel mills were high in October as they held back in September. The rise in October bookings was reflected in November deliveries,” an iron ore trader based in central China said.
Imports in October stood at 45.7 million tonnes, but analysts said it was not a true reflection of demand for the month, with many deliveries pushed forward to September to avoid the week-long National Day holiday beginning on Oct 1.
Imports from January to November totalled 560.6 million tonnes, down 0.9 percent from last year.
The China Iron and Steel Association said last month that total imports for 2010 were unlikely to exceed last year’s 627.8 million tonnes, but increases were still expected in the last two months of the year to replenish stockpiles.
Steel product imports rose 21.1 percent month on month to 1.38 million tonnes, while exports rose 1.7 percent to 2.91 million tonnes, customs said.
Source: Reuters
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