💥 Fed cuts sparks mid cap boom! ProPicks AI scores with 4 stocks +23% each. Get October’s update first.Pick Stocks with AI

UPDATE 1-China April iron ore imports lowest since Oct -customs

Published 08/05/2017, 02:16 pm
Updated 08/05/2017, 02:20 pm
© Reuters.  UPDATE 1-China April iron ore imports lowest since Oct -customs

(Updating with more detail, comment)

BEIJING, May 8 (Reuters) - China's April iron ore imports fell to their lowest since October as mills in the top steelmaking nation slowed their record-setting buying spree for cheap raw material amid growing worries about slowing manufacturing.

The nation imported 82.23 million tonnes of iron ore in April, down 13.9 percent from the previous month and down 2 percent from a year ago, according to data from the General Administration of Customs on Monday.

While this is the slowest month for arrivals in six months, analysts noted the total was still at an historically elevated level as mills churned out more steel due to high metal prices.

"It's possible that there were some delays in customs clearing in April because if you look at the market there was not so much change between March and April," said Wang Di, analyst at Cru said.

Still, Chinese iron ore futures plunged to their lowest since January last week, dragging steel down as well, with investors liquidating long positions amid growing worries about slowing construction and infrastructure demand. IRONORE/

Reining in excessive local government debt and the shadow banking sector in China has been high on the central government's agenda, leading to concerns that tighter liquidity will affect completion of some large infrastructure projects.

Stockpiles of imported iron ore at China's major ports topped 130 million tonnes last week, up 950,000 tonnes from the previous week, and not far off record levels. SH-TOT-IRONINV

Imports of steel products fell 16.9 percent to 1.08 million tonnes while exports fell 14.2 percent to 6.49 million tonnes.

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.