China: Iron Ore & Pellet Imports up 11% in Jan-Sep'20

Chinese the world's largest iron ore consumer and importer recorded imports of iron ore for the first nine months of CY20 (Jan-Sep) at 868 mn t, according to the General Administration of Customs. The imports picked up by 11% as against 785.7 mn t CPLY. The imports picked up amid high Chinese demand, recovering supplies from Brazil and easing Chinese port congestion.

The Chinese imports for the month of Sep'20 recorded at 108.55 mn t, increase of 8% against 100.36 mnt in Aug'20. The clearing of Chinese port congestion favored imports for the month.

Monthly average iron ore prices up in Sep'20
Monthly average global iron ore fines (Fe 62%) increased to $124/t, CFR China in Sep'20 against that in last month at $122/t, CFR China.

Outlook:
Chinese demand for iron ore is expected to rise amid rising construction projects after the end of Golden week holidays. Chinese mills reported a decline in iron ore stocks which may lead to increased procurement in the coming days.