August 11,
Iron ore imports by China rose for the first time in four months in July, indicating that steelmakers are restocking Iron ore after depleting their inventories.
Shipments of Iron ore have doubled to 28.1 million tons in the first seven months.
Chinese steel prices have risen for three straight weeks after falling 17 percent in April which indicates that demand for the metal is picking up.
But the demand growth is said to be limited with the government’s intensive measures to close plants and also because of the unclear outlook of the property market.
Construction accounts for 70 percent of China’s steel consumption and demand may fall if property prices continue to drop.
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