China’s iron ore imports down 3.2% in Jan-Nov, though sharply up in Nov

Tuesday, 07 December 2021 11:45:02 (GMT+3)   |   Shanghai

Iron ore imports in China decreased by 3.2 percent year on year to 1038.361 million mt in the January-November period this year, as announced by the Chinese customs authorities on December 7.

In November alone, China imported 104.955 million mt of iron ore, up 6.9 percent year on year, while up 14.6 percent month on month, constituting the highest monthly import volume this year.

Despite this unexpected sharp increase in November, overall sentiment in the market has not improved. As previously reported by SteelOrbis, iron ore imports in 2021 will likely fall to a historical new low. Import iron ore prices edged down first in November, while bottoming up since the middle of the month amid the rebounding trends of finished steel prices. The demand for import iron ore will likely slacken in December as demand for steel will worsen, which will exert a negative impact on prices. However, market players may build up stocks for the winter season, which will provide some support for import iron ore prices in December.

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