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UPDATE 1-China's January iron ore imports 2nd highest on record

Published 10/02/2017, 02:35 pm
Updated 10/02/2017, 02:40 pm
© Reuters. UPDATE 1-China's January iron ore imports 2nd highest on record

(Updating with milestone, context)

BEIJING, Feb 10 (Reuters) - China's iron ore imports rose 12 percent in January from a year earlier to the second highest on record, official data showed on Friday, as steel mills replenished stocks and seaborne supply continued to displace higher-cost production at home.

Arrivals reached 92.0 million tonnes, up from 82.19 million a year ago and 88.95 million tonnes in December, data from the General Administration of Customs showed.

China's vow last month to shut low-grade steel producers which use scrap metal by the end of June should help boost demand for iron ore.

China's iron ore stocks at ports hit a record high last week SH-TOT-IRONINV . Iron ore prices DCIOcv1 are trading just shy of three-year highs hit in January.

Imports of steel products fell 8.4 percent to 1.09 million tonnes while exports fell 4.9 percent to 7.42 million tonnes.

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