According to a new report issued by the China Iron and Steel Association (CISA), as of November 30 this year imported iron ore inventory at Chinese ports totaled 140 million mt, down 4.83 million mt or 3.33 percent month on month and decreasing by 0.71 percent year on year. Meanwhile, in the January-October period of the current year, China imported 892 million mt of iron ore, almost remaining stable compared to the same period of last year. The CISA said that no big changes have been seen in the overall oversupply situation in China’s iron ore market.
According to the CISA, as of November 30 this year, the composite steel price index (CSPI) in China was down 15.33 points or 12.59 percent to 106.39 points compared to October 31.
In the November 1-20 period this year, the average aggregate daily crude steel output of large and medium-sized steel enterprises in China - all CISA members - totaled 1.982 million mt, with the average aggregate daily crude steel output for all steelmakers in China amounting to 2.6964 million mt, up 1.26 percent compared to October. However, the average aggregate daily pig iron output in China in the November 1-20 period amounted to 2.1716 million mt, down 0.61 percent compared to October, resulting in slacker demand for import iron ore.
The CISA said that since the beginning of this year China’s economy has been characterized by stability, though it has also been coming under strong downward pressure, reflected in a negative impact on demand for import iron ore from downstream users. Meanwhile, the uncertainty in China-US relations has also negatively affected the iron ore market. Import iron ore prices for China will likely move on a fluctuating trend in December, the CISA said.