China Iron ore Imports Fall to 4-Month Low in Oct'18

According to General Administration of Customs, China - the world's largest iron ore consumer and importer recorded iron ore imports at 88.4 MnT. Imports hit the 4-month low. On monthly basis, China iron ore imports were down by 5% compared to 93.08 MnT in Sept'18. Imports are down due to slow iron ore cargoes movement by the top iron ore supplier from Australia. Currency (Yuan) depreciation against US Dollar was also one of the factors.

Mills preferred buying iron ore cargoes at the port. Raw material at China's major ports stood at 141.65 million tons on Nov. 2, down by 2.2 MnT against 143.65 MnT stocks on 26th Oct'18.

The total imports for Jan-Oct'18 witnessed down 2% to 891.4MnT, as against the same duration previous year (Jan-Oct'17) at 906MnT.

However, on yearly basis, China iron ore imports went up by 11% Y-o-Y as against 79.5 MnT in the same month last year CY'17.

Monthly average Spot iron ore prices increased by 7% - Monthly average global iron ore fines (Fe 62%) prices in Oct'18 recorded at USD 73/MT, CFR China, increased by 7% on monthly basis as against USD 68/MT, CFR China last month.