China Iron ore Imports Fall 10% in Mar'18

China- world's largest importer of iron ore, has imported 85.79 MnT in Mar'18 down by 10% Y-o-Y against 95.56 MnT in Mar'17.The iron ore imports decreased due to ongoing Lunar New Year holidays in Feb'18, high inventory at the port and lower construction activities.

On monthly basis, China iron ore imports increased marginally by 2% to 85.79 MnT in Mar'18 against 84.27 MnT in Feb'18, however, on per day basis it was lower in Mar'18.
However, China imports for the first three months of CY'18 (Q1 CY18) stood at 271 MnT stable against the same time frame last year.

Rising iron ore stocks at Chinese ports - Iron ore stocks at Chinese major ports increased to 159.18 MnT in mid-Mar'18 which was 152.58 MnT at the beginning of Feb'18.

Despite the port stocks staying very high, there was still moderate buying interest from steel mills because they are expecting some pickup in demand in upcoming Month.
China has imported 1.075 BnT iron ore in CY'17, up 8% Y-o-Y as against 1 BnT in CY'16 amid increased steel output.

Monthly average spot iron ore prices decreased sharply by 10% in Mar'18 - Average global iron ore fines (Fe 62%) prices decreased significantly by 10% to USD 69/MT, CFR China in Mar'18 compared to USD 77/MT, CFR China in Feb'18.

At the beginning of Mar'18, spot iron ore fines (Fe 62%) prices were trading high at around USD 79/MT, CFR China but from the second week of Mar'18 it started moving downwards and reached its lowest USD 63/MT, CFR China for the month.

China accounts for nearly 70% of world's seaborne iron ore trade and imports iron ore majorly from Australia, Brazil, South Africa, India, Ukraine, and Iran.