GACC: China's Jan-Nov iron ore imports grow 6.2% on year
The import volume in November alone reached 102.7 million tonnes after recovering by 3.4% on month from a two-month dip, also logging an on-year growth of 3.9%, Mysteel Global calculated based on the GACC data.
Last month, top iron ore miners beefed up their efforts in delivering iron ore to global destinations, as there were only a few months left this year for them to fulfill their annual production or shipment guidance, Mysteel Global noted.
Despite China's high imports of iron ore, the actual demand for the feedstock among domestic steelmakers weakened in November, Mysteel Global noted. The major reasons were the particularly high prices of imported iron ore in the country and steel mills' reduced production of hot metal in the past month.
For example, Mysteel SEADEX 62% Australian Fines rosed above the threshold of $130/dmt CFR Qingdao during most of November, with the price of $131.65/dmt CFR Qingdao on November 30 rising by $8.15/dmt on month.
Also, some Chinese steel mills brought their blast furnaces under maintenance last month to avoid losing more money from selling finished steel, as reported. Consequently, the hot metal output among the 247 domestic steelmakers Mysteel regularly checks slid constantly in November to average 2.34 million tonnes/day during November 24-30, down by 2.9% on month.
As a result of high ore supply against slow demand from mills, imported iron ore stocks at Chinese ports started accumulating in November. By November 30, the volume of imported ore piled at China's 45 major ports under Mysteel's weekly survey grew by 1% on month to reach about 115 million tonnes.
Moreover, the imbalanced supply-demand fundamentals of imported iron ore in China may be sustained in December, leading to a further increment in the country's portside iron ore stocks, according to Mysteel's monthly forecast.
Written by Lea Li, liye@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
GACC: China's iron ore imports climb 5.5% on year in Q1
Apr 12, 2024 17:00
GACC: China's iron ore imports rise 8.1% YoY in Jan-Feb
Mar 07, 2024 15:15
MYSTEEL: Iran plans to cut export tariffs on iron ore, steel
Feb 23, 2024 11:00
GACC: China's 2023 iron ore imports reach all-time high
Jan 12, 2024 15:00
Brazil's global iron ore exports fall 6.5% on month in Nov
Dec 12, 2023 16:30