China’s October iron ore imports drop by 8.58 million mt from previous month

Wednesday, 12 November 2008 11:57:37 (GMT+3)   |  
       

SteelOrbis Shanghai

Under the combined effects of the sharp slump in iron ore prices as well as the considerable shrinkage in the trading volume, China's iron ore imports registered a sharp decrease in October, reaching only 30.62 million mt, down 8.58 million mt or 21.9 percent month on month and up 850,000 mt or 2.9 percent year on year. Moreover, as a result of the mass production cuts implemented by mills, demand for iron ore remains at low levels, while there are high levels of iron ore inventory at the ports; as a result, the iron ore import volume is expected to continue to move down in the coming period.

According to the data released by the Chinese customs authorities, China's finished steel export volume for October came to 4.62 million mt, down 2.05 million mt or 30.7 percent from the previous month and up 380,000 mt or nine percent year on year. During the January-October period, China exported a total of 53.12 million mt of finished steel, a decline of 1.2 percent year on year, while the total value in question reached $55.6 billion, up 49.8 percent year on year.

In October, China imported 1.15 million mt of finished steel, down 120,000 mt or 9.4 percent over the previous month, and down 60,000 mt or five percent year on year. During the first ten months of 2008, China's finished steel import volume totaled 13.47 million mt, with a decrease of 720,000 mt or 5.1 percent year on year.

As a result, China's net exports of finished steel in October amounted to 3.47 million mt, down 1.93 million mt or 35.7 percent over the previous month, and up 440,000 mt or 14.5 percent year on year. During the January-October period, net exports of finished steel totaled 39.65 million mt, down 80,000 mt or 0.2 percent year on year.

China's semis exports in October stood at 110,000 mt, down 100,000 mt or 47.6 percent over the previous month while down 70,000 mt or 38.9 percent year on year. Total semis exports in the January-October period came to 1.24 million mt, down 4.9 million mt or 79.8 percent year on year. Semis imports in October stood at 20,000 mt, neutral month on month and up 10,000 mt or 100 percent year on year. Total imports of the subject product in the January-October period stood at 150,000 mt, down 28.6 percent year on year.

China's crude steel export volume in October reached 4.97 million mt, down 2.26 million mt or 31.3 percent month on month and up 330,000 mt or 7.1 percent year on year; meanwhile, net exports of crude steel in October came to 3.74 million mt, down 2.22 million mt or 37.2 percent month on month and down 10,000 mt or 0.3 percent year on year. Total crude steel exports in the January-October period amounted to 57.16 million mt, down 5.56 million mt or 8.9 percent year on year, while net exports in this period came to 42.83 million mt, down 4.75 million mt or 10 percent year on year.

In addition, China's coke exports in October amounted to 530,000 mt, sharply down 840,000 mt or 61.3 percent month on month and down 890,000 mt or 62.7 percent year on year. Total exports of the product in question in the January-October period reached 11.58 million mt, down 1.57 million mt or 11.9 percent year on year. The export value for this period totaled $5.53 billion, with an increase of $3.05 billion or 123 percent year on year.

Iron ore imports in October stood at 30.62 million mt, down 8.58 million mt or 21.9 percent over the previous month and up 850,000 mt or 2.9 percent year on year. Total imports in the January-October period reached 376.69 million mt, up 62.89 million mt or 20 percent year on year, while the total value in question was up by 108.7 percent to $53.3 billion, with the average import price at $141.50/mt.

China's finished steel export volume for October exceeded the expectations of many market players. Before the official release, it was widely anticipated that China's finished steel exports in October would drop below the level of 3 million mt for October.


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