February iron ore imports drop
By Richard Fu |
March 11, 2011, Friday
|
Print Edition
Print Edition
CHINA'S iron ore imports fell 29 percent last month from January's record high because of the week-long Spring Festival holiday and higher prices.
Imports of the steel-making ingredient fell to 48.64 million tons last month from 68.97 million tons in January, data released by the General Administration of Customs showed yesterday.
"The total volume seemed quite low, but is still roughly the same with January on working day basis," said Hu Kai, a Shanghai-based analyst of UC361.com.
Spot price for the Steel Index's benchmark 62 percent iron ore arriving in north China's Tianjin rose to US$191.90 a ton on February 16, the highest since the data was made available in November 2008, amid restocking.
"Now that mills have started to tap their inventories, so ore imports may fall slightly this month," Hu said, adding India's higher export duty on iron ore will also curb shipments from the world's third-largest ore exporter.
India said last month it would raise export duties on iron ore of all grades to 20 percent, from April 1.
Customs data also showed China's crude oil imports rose 7.8 percent to 19.95 million tons in February from a year earlier.
This represented 5.2 million barrels per day, the third-highest on record, as refiners imported more crude in anticipation of a fuel price hike.
The government raised retail gasoline and diesel prices by up to 4.5 percent on February 20.
Imports of the steel-making ingredient fell to 48.64 million tons last month from 68.97 million tons in January, data released by the General Administration of Customs showed yesterday.
"The total volume seemed quite low, but is still roughly the same with January on working day basis," said Hu Kai, a Shanghai-based analyst of UC361.com.
Spot price for the Steel Index's benchmark 62 percent iron ore arriving in north China's Tianjin rose to US$191.90 a ton on February 16, the highest since the data was made available in November 2008, amid restocking.
"Now that mills have started to tap their inventories, so ore imports may fall slightly this month," Hu said, adding India's higher export duty on iron ore will also curb shipments from the world's third-largest ore exporter.
India said last month it would raise export duties on iron ore of all grades to 20 percent, from April 1.
Customs data also showed China's crude oil imports rose 7.8 percent to 19.95 million tons in February from a year earlier.
This represented 5.2 million barrels per day, the third-highest on record, as refiners imported more crude in anticipation of a fuel price hike.
The government raised retail gasoline and diesel prices by up to 4.5 percent on February 20.
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