China’s iron ore imports in July rose to a record 24% year-on-year, customs data showed on Friday, thanks to supplies from mining companies and strong demand as the economy recovered from disruptions from the coronavirus pandemic …
According to the General Administration of Customs, last month the arrivals of the main component of the steel production amounted to 112.65 million tons. This is 10.8% more than 101.68 million tons in June and more than 91.2 million tons imported in July 2019.
China imported 659.6 million tonnes of iron ore in the first seven months of the year, an 11.8% increase over the same period last year, according to customs data.
Iron ore imports to China
“The jump in imports has mainly come from non-mainstream suppliers as supplies from Brazil are still plagued by the pandemic,” said Wu Shiping, an analyst at Tianfeng Futures, adding that strong demand in China has also boosted purchases despite rising iron ore prices. …
The most active iron ore futures contract in China gained more than 14% last month.
The average utilization of blast furnace capacity at 163 plants in China, indicating the introduction of steelmaking ingredients, averaged 86% in July, down slightly from 86.4% in the previous month, but still relatively high.