The price of iron ore rose due to the growth of imports from China

Iron ore prices rose on Tuesday after the publication of data on China’s trade in June. Imports grew 36.7% year-on-year, exceeding the average forecast of 29.5%. The customs administration said import growth accelerated to 32.2% in dollar terms, rebutting economists’ expectations of a slowdown to 23%. Thus, the trade surplus for the month amounted to $ 51.5 billion, which is the highest since January.

“The unexpected rise is likely largely due to higher commodity prices, as commodities such as iron ore surged and price pressures shifted from import to export,” said Zhou Hao, senior economist at Commerzbank AG. emerging markets.

Iron ore futures in Asia were higher on Tuesday, while Dalian index contracts were up more than 3%.

September’s top-selling iron ore on China’s Dalian Commodity Exchange rose 3.5% to 1,227.50 yuan ($ 189.87) a tonne.

According to Fastmarkets MB, a 62% iron benchmark imported into North China changed hands at $ 218.48 a ton on Tuesday, up 0.3% from Monday’s close. [ :]

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