Monday, June 5, 2023
HomeHeadlinesChina’s Nov. iron ore imports hit highest in 16 months

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

China’s Nov. iron ore imports hit highest in 16 months

China’s iron ore imports rose 14.6% in November from a month earlier to hit their highest since July 2020, customs data showed on Tuesday, although a sluggish steel market damped demand for the raw material.

The world’s biggest consumer of iron ore brought in 104.96 million tonnes last month, up from October’s imports of 91.61 million and were also up 6.9% from Nov. 2020, data from the General Administration of Customs showed.

The jump in imports, dominated by products from Australia and Brazil, outstripped market expectations amid cooling iron ore prices and slack demand for steel.

“November imports data could be affected by the customs clearance factor,” said Tang Binghua, an analyst with Founder CIFCO Futures in Beijing, adding that shipments and arrivals of iron ore did not change significantly in recent months.

But it is unlikely that high levels of imports will continue, said Tang, as consumption is weak after China stepped up output controls on mills during the heating season and ahead of the Winter Olympics.

Stocks of imported iron ore at Chinese ports grew for 10 straight weeks, jumping last week to 155.5 million tonnes, the highest since mid-2018, data from consultancy Mysteel showed.

In the first 11 months of the year, China imported 1.04 billion tonnes of iron ore, down 3.2% from the corresponding period a year earlier, according to customs.

Tuesday’s data also showed November exports of China’s steel products at 4.36 million tonnes, down 3.1% on a monthly basis.

Last month, steel imports rose to 1.42 million tonnes, an increase of 25.7% on the month, customs said.

China’s exports and imports of steel products over the period from January to November were 61.88 million tonnes and 13.27 million respectively.
Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

BW LPG appoints new CFO

BW LPG announced that it has appointed Ms Samantha Xu as Chief Financial Officer (CFO), effective 1 September 2023. Ms Xu has over 20 years...

Frontline Posts Highest First Quarter Results Since 2008

Frontline plc reported unaudited results for the three months ended March 31, 2023: Highlights Highest first quarter profit since 2008 of $199.6 million, or $0.90 per...

Diana Shipping posts slightly lower Q1 profit; takes out $123m in loans

Diana Shipping reported net income of $22.7 million and net income attributed to common stockholders of $21.3 million for the first quarter of 2023....

CMA CGM Profit Eases as Container Transport Demand Wanes

CMA CGM expects its profit to ease further for the rest of the year after a first-quarter decline, as an uncertain economy and influx...

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Taiwan Shipping Firms Set to Hand Out Bumper Bonuses Again

Taiwanese shipping companies are handing out bumper mid-year bonuses despite a slump in global...

Baltic index hits over 3-month low amid lower coal imports

The Baltic exchange’s main sea freight index extended losses for the 15th session straight...

Baltic index falls for the month as vessel demand wanes

The Baltic exchange’s main sea freight index recorded its first monthly decline in four...

North Korea missile tests endanger shipping, UN maritime agency told

North Korean missile tests are endangering the safety of commercial shipping in busy sea...

Singapore Clamps Down on Tankers as Dark Fleet Grows

Singapore’s detentions of oil and chemicals tankers have surged since early last year, highlighting...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...