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

UPDATE 2-China iron ore imports in June fall to lowest since Feb 2016

Published 12/07/2019, 06:14 pm
© Reuters.  UPDATE 2-China iron ore imports in June fall to lowest since Feb 2016
RIO
-
RIO
-

* June iron ore imports at 75.18 mln T vs 83.75 mln T in May

* Supply crunch at top miners remains

* Demand at Chinese mills could ease due to anti-smog measures (Updates with official data)

BEIJING, July 12 (Reuters) - China's iron ore imports in June fell from a year ago, touching their lowest since February 2016, customs data showed on Friday, as supply declined from top miners in Brazil and Australia.

Arrivals of the steelmaking raw material were 75.18 million tonnes last month, below both the 83.24 million tonnes imported in June 2018 and May's 83.75 million tonnes, according to data from the General Administration of Customs on Friday.

For the first-half of the year, the world's biggest iron ore consumer brought in 499.09 million tonnes of ore, down 5.9% from the same period a year ago, the customs data showed.

Supply from Brazil has fallen following the deadly rupture of a tailings dam in January. Elsewhere, Rio Tinto RIO.AX RIO.L , the world's largest iron ore miner, has cut its forecast for 2019 shipments from the Australian region of Pilbara due to operational problems. two countries are China's largest iron ore suppliers.

Inventories of imported iron ore at Chinese ports fell to a 2-1/2-month low of 115.25 million tonnes by the end of June, according to data compiled by SteelHome consultancy. It rebounded slightly to 115.6 million tonnes last week. SH-TOT-IRONINV

"Iron ore supply may not see much improvement as some miners have scheduled maintenance in the coming months, while output from Vale is not likely to pick up largely in the near term," said Richard Lu, analyst at CRU in Beijing.

Chinese demand for iron ore could ease as top steelmaking cities in China heighten anti-pollution measures, including trimming production at mills, as local officials face mounting pressure to meet air quality targets. rates at steel mills across China fell to 66.02% as of Friday, the lowest since late March, data compiled by consultants Mysteel showed.

"With the top steel hub cutting output, mills in other regions may take the chance to ramp up production. In that sense, total iron ore demand in China may not fall too much," said Lu.

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.