Iron ore imports soar in Guangdong

Thursday, 17 March 2005 10:07:22 (GMT+3)   |  
       

Iron ore imports soar in Guangdong

Recent data show that iron ore imports at China’s Guangdong port totaled 2.95 million tons during the first two months of 2005, a 52.9% rise year-on-year. The imports carried a trade value of $250 million, up 36.5% year-on-year. Imports in February alone reached 1.842 million tons, the highest monthly import quantity in recent years. Import prices also enjoyed a strong comeback in February. Iron ore import prices initially embarked on a downward trend after the implementation of several macro control policies in April 2004. In August 2004, the average iron ore import price was $54.9/ton. However, market demand drove prices to $75.4/ton in November 2004. By February 2005, the iron ore import price at Guangzhou reached as high as $88.2/ton. India and Brazil are the major iron ore exporters to Guangdong. At 958’000 tons, iron ore from India accounted for 32.5% of total imports through the first two months of 2005. However, tonnage from India was down 22.9% year-on–year. Brazilian imports, which made up 29.1% of the total, surged over 11-fold year-on-year to 859’000 tons thousand tons Moreover, iron ore imports from South Africa doubled to 398’000 tons, while Australian imports increased nearly four-fold to 309’000 tons.

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