China’s iron ore imports return to normal levels in July

Thursday, 08 August 2019 13:40:31 (GMT+3)   |   Shanghai
       

Iron ore imports arriving in China in July this year surged by 21 percent month on month and rose by 1.2 percent year on year, reaching 91.02 million mt, as both Brazil and Australia managed to increase shipments. The figure was very close to January’s level of 91.26 million mt, which means that the supply issues have almost faded and that iron ore prices will be moving in accordance with healthy market conditions in the second half of the year.

After the dam rupture at one of Vale’s mines in Brazil in late January, imports of iron ore in China became slower and touched this year’s lowest level in June, when China received only 75.08 million mt of the raw material. In the second quarter, Australian miners managed to improve sales after the reduction recorded in the first quarter due to bad weather conditions. Brazil’s iron ore exports rose to the highest level in nine months after Vale restarted production at its largest mine.

In the January-July period this year, China’s imports of iron ore and iron ore concentrate amounted to 590.075 million mt, down 4.9 percent year on year. The average import price of iron ore for the period in question was recorded at RMB 615.9/mt ($88.0/mt), up 37.5 percent year on year, indicating that Chinese steelmakers have come under stronger pressure from the higher cost of iron ore.


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