🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

China's iron ore imports hit 10-mth low in Feb on holiday break, steep prices

Published 08/03/2019, 03:40 pm
Updated 08/03/2019, 03:50 pm
© Reuters.  China's iron ore imports hit 10-mth low in Feb on holiday break, steep prices

(.)

BEIJING, March 8 (Reuters) - China's imports of iron ore fell to a 10-month low in February, customs data showed on Friday, curbed by slowing trade during a week-long national holiday and a steep run-up in prices.

China brought in 83.08 million tonnes of iron ore last month, its lowest level since April, data from the General Administration of Customs showed.

That compares with 91.26 million tonnes in January and is 1.5 percent lower than the 84.27 million tonnes in the same month last year.

China celebrated its Lunar New Year in early February causing steel mills and traders to shut down business for holiday breaks of up to two weeks, which crimped ore demand.

"Mills typically replenish their stocks ahead of the holiday, which leads to an obvious increase on imports in January and a dip in February," said Fan Lu, analyst at Sinosteel Futures.

"The sharp drop on February iron ore also came as major iron ore suppliers reduced shipment due to hurricane weather."

For the first two months of 2019, iron ore arrivals reached 174.4 million tonnes, down from 184.61 million tonnes in the same period a year earlier.

For more details, click on TRADE/CN

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.