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UPDATE 1-China Dec iron ore imports hit record, full-year shipments up 2.2 pct

Published 13/01/2016, 02:45 pm
© Reuters.  UPDATE 1-China Dec iron ore imports hit record, full-year shipments up 2.2 pct

* Dec iron ore imports reach 96.27 mln T

* 2015 ore imports at 952.72 mln T, up 2.2 pct (Adds details, analyst comments)

By Ruby Lian and David Stanway

SHANGHAI, Jan 13 (Reuters) - China's December iron ore imports surged 17 percent from the previous month to a record 96.27 million tonnes, customs data showed on Wednesday, as global miners increased output and shipments to the world's top consumer.

Full-year shipments rose 2.2 percent to 952.72 million tonnes, according to data from the General Administration of Customs.

But global miners can expect a decline in demand this year as China's steel sector further curbs output, hit hard by a slowing domestic economy, tighter credit and government measures to curb pollution.

"Iron ore imports could fall slightly, as steel production in China will drop, while traders will also be reluctant to import iron ore due to the bearish outlook on iron ore prices," Wang Yilin, an analyst at Sinosteel Futures in Beijing.

China's crude steel output is expected to decline for a second straight year in 2016 on continued weakness in demand, after production fell 3.1 percent to 781 million tonnes this year, according to a government study. would lead to a drop in consumption of the steel-making raw material iron ore of 4.2 percent to 1.07 billion tonnes, the Metallurgical Industry Planning and Research Institute said in early December.

Spot iron ore prices .IO62-CNI=SI tumbled 40 percent last year, the third straight annual fall, making it one of the worst-performing commodities.

China's steel exports jumped 10.9 percent to 10.66 million tonnes in December from the previous month, data showed.

It was the third time for shipments to exceed 10 million tonnes. Full-year exports surged 19.9 percent to a record 112.4 million tonnes. (Editing by Ryan Woo)

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