China's July iron ore imports up 8.1% on month
China’s iron ore imports recovered in July, rising by 6.72 million tonnes or 8.1% on month to 89.96 million tonnes, according to the latest release by the country’s General Administration of Customs on August 8.
A Shanghai-based analyst was not surprised at the increase, explaining that in the second half of June some Australian miners – notably BHP and Fortescue – had loaded and shipped more cargoes to raise their shipments to meet annual sales targets by the end of Australia’s fiscal year on June 30. “The tonnage was then reflected in China’s iron ore imports in July,” he said.
In addition, Brazil’s total shipments to China reversed up from mid-May and remained at high levels in June, which also contributed to the rise in Chinese iron ore imports in July with the 40-day lead time for shipping from Brazil to China. Prior to this increase, wet weather in this year’s first quarter and the scheduled maintenance on some Brazilian iron ore berths in April both weighed on the country’s iron ore shipments, the analyst also said.
Over January-July, China’s total volume of imported iron ore reached 620.65 million tonnes, still 0.7% lower than the tonnage recorded over the same period last year, the Custom’s statistics showed. For the whole of 2018, the country’s iron ore imports are expected to be level with those of 2017, according to market sources.
Written by Victoria Zou, zyongjia@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
GACC: China's Jan-Feb iron ore imports up 7.3%
Mar 07, 2023 17:00
FLASH: China's Jan-Feb iron ore imports up 7.3% YoY
Mar 07, 2023 13:43
Iron ore prices cool after NDRC further thwarts speculation
Mar 06, 2023 13:45
DCE limits trading of iron ore futures to tame prices
Feb 22, 2023 15:30
Rise in iron ore futures slows after DCE warns of market risks
Feb 20, 2023 14:45