China imported a record 86.83 million mt of iron ore in January this year, up 21.29 million mt year on year and up 13.45 million mt month on month, according to the Chinese customs authorities. Average daily iron ore imports in January increased by 18.3 percent from December to 2.801 million mt. The average iron ore import price in the given month was $130.74/mt CIF, compared to $127.68/mt CIF in December.
In addition:
- Spot iron ore prices in China retreated to the lowest level in more than seven months as the weaker Chinese steel market curbed demand for iron ore.
- Inventories of iron ore at Chinese ports have been rising sharply since late October 2013.
- Market sentiment is depressed due to weak demand, a lack of credit and a drive by Beijing to clean up the environment.