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Iron ore imports in July soar to record high
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China’s iron ore imports soared to a record high in July as lower prices spurred purchase by steel mills.
Analysts also cited improved margins at mills during the month, which helped them ramp up production and replenish inventories of the key steelmaking raw material.
The country imported 73.14 million tons of iron ore last month, according to data released by the General Administration of Customs yesterday. That was 17 percent more than June and 26 percent higher than a year earlier.
“The strength was consistent with the restocking cycle we have noticed at mills and ports,” JPMorgan analysts Daniel Kang and Karen Li wrote in a note yesterday.
Imported ore prices had fallen to below domestic ore prices in June, spurring imports. But China’s purchase again drove up ore prices last month.
Iron ore imports rose 8 percent to 457.23 million tons in the first seven months from a year earlier, customs data showed.
The country’s exports of steel products fell to 5.15 million tons last month from 5.29 million tons in June. Shipments rose 14 percent year on year to 35.83 million tons in the January-July period, customs said.
China is the world’s largest steel producer.
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