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China: Iron Ore & Pellet Imports Hit Four Months High in Jan'19

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Fines/Lumps
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14 Feb 2019, 12:03 IST
China: Iron Ore & Pellet Imports Hit Four Months High in Jan'19

According to General Administration of Customs, China - the world's largest iron ore consumer and importer recorded iron ore imports at 91.26 MnT in Jan'19. The imports have increased 5% as against 86.65 MnT in Dec'18. Chinese imports for the month hit four months high as this fig was was seen in Sep'18 imports at 93.08 MnT.

The rise in imports is attributed to restocking by mills ahead of lunar New Year holidays in Feb'19. The steel mills tend to stock material in January before approaching week long holidays in Feb to ensure sufficient raw material availability post holidays.

Amidst Vale dam disaster, iron ore supply in global market is expected to tighten affecting about 70 MnT of iron ore and 11 MnT pellet. Besides, Chinese imports for the month of Feb'19 are expected to be on lower side due to sufficient inventories maintained by the mills.

On yearly basis, the imports have dropped 9% as compared to Jan'18 imports at 100.32 MnT.

Average global iron ore fines prices up 10% in Jan'19

Monthly average global iron ore fines (Fe 62%) prices increased 10% to USD 76/MT, CFR China in Jan'19 compared to USD 69/MT, CFR China in Dec'18. The Vale dam disaster led to hike in global iron ore prices towards end of Jan'19.

Chinese spot iron ore fines prices have dropped this week by USD 8/MT to USD 86.45/MT, CFR China yesterday against USD 94.20/MT, CFR China towards last weekend. The prices have softened amidst low buying interest from Chinese mills post mills reopened on Monday after week long New Year holidays.

14 Feb 2019, 12:03 IST

 

 

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