China’s iron ore imports stood 2nd highest last month since Dec’15.
Rising iron ore imports by China have always been a matter of concern for the global market. According to the recently released iron ore import data by Chinese customs, the country imported 92.99 MnT iron ore in Sept’16. This is highest monthly import recorded till now in 2016. Imports incremented as Chinese steel mills ramped up production due to healthy profits.
Iron ore imports rose by 6% M-o-M. However, on Y-o-Y basis, country’s import increased by 8% as it was 86.1 MnT in the same consecutive month last year.
Overall, imports in the month of Sept’16 remained 2nd highest ever as the highest quantity of iron ore i.e.96.2 MnT was imported in Dec’15.
In the first nine months of 2016, the country imported 762. MnT iron ore, up by 9% as it was 699.3 months in the same consecutive time frame prior to this year.
Although steel prices moderately fell, Chinese steel mills still made good profits in Sept’16 which lifted steel production, thereby boosting appetite for imported iron ore in China.
In Sept’16, Chinese iron ore import price averaged at USD 53.58/MT, down by USD 2.1/MT M-o-M. However, global iron ore prices fluctuated between USD55-60/MT CFR China last month.
It is anticipated that Chinese iron ore imports likely to touch to the level of 1 BnT by the end of 2016.
Chinese steel exports down by 2.3% M-o-M
In Sept’16, Chinese steel exports registered a downfall of 2.3% M-o-M. Steel exports remained at 8.80 MnT in Sept’16 and 9.01 MnT in Aug’16.
However, in first nine months of 2016, country’s steel exports registered at 85.19 MnT, up by 3.1% as it was 82.6 MnT in the same consecutive time frame last year. This has occurred despite the anti-dumping duties imposed on the country by the United States and Europe.
Leave a Reply