China: Iron Ore & Pellet Imports Up 13% in Apr'20

According to the General Administration of Customs, China - the world's largest iron ore consumer and importer recorded iron ore and pellet imports at 97.27 MnT in April 20. The imports witnessed a 13% increase on a monthly basis as compared to 85.91 MnT in Mar '20. The increase in imports depict rise in production by steel mills post lockdown and expected recovery in construction activities.

The Chinese imports of iron ore and pellet for the month of Apr'20 witnessed 20% rise as compared to 80.77 MnT in April'19.

As per data compiled by SteelHome consultancy, the iron ore port inventory at major ports reported at 118.65 MnT towards the beginning of Apr'20 and fell to 115.65 MnT towards the end of the month.

For the first four month of CY20 (Jan-Apr) the total imports were recorded at 360 MnT, up by 5% against 341.53 MnT in CY19 (Jan-Apr).

Monthly average iron ore prices fell in Apr'20

The monthly average spot iron ore fines (Fe 62%) price decreased by 5% to USD 83.95/MT, CFR China in Apr'20 against last month at USD 88.1/MT, CFR China due to shifted demand from medium and high-grade ore to low-grade iron ore for cost effectiveness.