- Write by:
-
Wednesday, December 8, 2021 - 13:31:07
-
765 Visit
-
Print
Mining News Pro - Iron ore price surged on Tuesday after customs data showed China’s iron ore imports rose 14.6% in November from a month earlier to hit their highest since July 2020.
The world’s biggest consumer of iron ore brought in 104.96 million tonnes last month, up from October’s imports of 91.61 million and were also up 6.9% from November 2020, data from the General Administration of Customs showed.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China were changing hands for $111.34 a tonne, up 8.8% from Monday’s closing.
“November imports data could be affected by the customs clearance factor,” said Tang Binghua, an analyst with Founder CIFCO Futures in Beijing, adding that shipments and arrivals of iron ore did not change significantly in recent months.
“But it is unlikely that high levels of imports will continue, as consumption is weak after China stepped up output controls on mills during the heating season and ahead of the Winter Olympics.”
“The surprise in import growth was driven by a rebound in commodity volume, probably reflecting improving infrastructure capex demand as local governments stepped up stimulus toward the turn of the year,” said Michelle Lam, greater China economist at Societe Generale SA in Hong Kong.
Stocks of imported iron ore at Chinese ports grew for 10 straight weeks, jumping last week to 155.5 million tonnes, the highest since mid-2018, data from consultancy Mysteel showed.
In the first 11 months of the year, China imported 1.04 billion tonnes of iron ore, down 3.2% from the corresponding period a year earlier.
China’s total imports grew almost 32% to about $254 billion. Economists had forecast imports to increase by 21.5%.
Exports also rose 22% in dollar terms from a year earlier to almost $326 billion.
Short Link:
https://www.miningnews.ir/En/News/617238
Anglo American CEO Duncan Wanblad is meeting on Friday South African mines minister Gwede Mantashe for the first time ...
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
BHP Group (ASX: BHP) has deployed a senior team including its chief executive officer to South Africa as the world’s ...
A takeover of Anglo American Plc would need to be pitched at more than £30 ($37.6) per share, a higher price than BHP ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
BHP Group Ltd.’s proposal for Anglo American Plc to spin off platinum and iron ore units before a takeover would likely ...
Iron ore will average more than $100 a ton this year as the worldwide market remains tight, despite China’s property ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
No comments have been posted yet ...