China’s iron ore imports up 10.1% in Aug, still down 1.7% in Jan-Aug

Tuesday, 07 September 2021 14:02:36 (GMT+3)   |   Shanghai

In August this year, China imported 97.492 million mt of iron ore, up 10.15 percent month on month, rising for the first time in five months on month-on-month basis, as announced by the Chinese customs authorities on September 7.

Nevertheless, the volume was still down 2.86 percent year on year. Higher imports in August reflected higher supply especially from Australia, but overall iron ore consumption was reduced amid the tightening of steel production restrictions especially from late August.

Iron ore imports into China decreased by 1.7 percent year on year to 746 million mt in the January-August period of the year.

As previously reported by SteelOrbis, China’s iron ore imports in 2021 will likely fall to a new historical new. China aims to implement production restrictions, which will exert a negative impact on the demand for import iron ore in the second half of the year. However, September and October are regarded as the traditional peak season for business in the steel industry, which will bolster iron ore prices and imports to some extent.

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