China’s iron ore imports increasing due to strong demand
In the first 11 months of this year, China’s iron ore imports totaled around 1.08 billion tons, up by 6.2% compared to the same period a year ago, with a 2.3% higher import average price. Iron ore was the only commodity with a hike in price among the items announced by the General Administration of Customs of China.
According to Morgan Stanley, China didn’t realize its crude steel production reduction expectations. Blast furnace utilization was strong due to a decrease in the electric arc furnace scrap supply, and iron ore’s port inventory was low, which showed China’s strong demand for iron ore imports.
