China Iron Ore Imports Decline on Steel Output Cuts |
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Mining News Pro - China`s iron ore and pellet imports have witnessed slight decline for the month of Aug’18. The imports recorded at 89.35 MnT as compared to 89.96 MnT in July`18, according to General Administration of Customs, China. The imports have witnessed decrease owing to production cuts in China.
According to Mining News Pro -China`s iron ore and pellet imports have witnessed slight decline for the month of Aug’18. The imports recorded at 89.35 MnT as compared to 89.96 MnT in July`18, according to General Administration of Customs, China. The imports have witnessed decrease owing to production cuts in China.
The city of Tangshan, China’s major steel making hub carried out production cuts from 20th July to 30th Aug and will continue for the month of September. Further, Chinese winter heating season for the year is to commence from 1st Oct’18(45 days ahead compared to previous year) leading to reduced restocking by the steel mills.
On yearly basis the imports in Aug`18 recorded a slight increase as compared to Aug’17 imports at 88.59 MnT.
The total imports for Jan-Aug`18 witnessed at 709.98 MnT, down 2% as against same duration previous year (Jan-Aug`17) at 723.77 MnT.
China`s crude iron ore production drops 39% Y-o-Y
China has produced 455.33 MnT of crude iron ore for the duration Jan-July`18, down by 39% on yearly basis against 748.03 MnT for same duration last year (Jan-July`17), according to National Bureau of Statistics.
The total production for the month of July`18 stood at 64.76 MnT down slightly as compared to June`18 production at 65.5 MnT. On yearly basis, the production has declined by 44% compared to 114.66 MnT in July`17.
Average global iron ore fines prices increased 5% M-o-M
Monthly average global iron ore fines (Fe 62%) prices in Aug`18 recorded at USD 68/MT, CFR China, up by 5% on monthly basis as against July’18 price at USD 65/MT, CFR China.
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