Wednesday, February 1, 2023
spot_img
HomeHeadlinesChina’s Oct iron ore imports slip for 2nd month on easing demand

Subscribe

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

China’s Oct iron ore imports slip for 2nd month on easing demand

China’s iron ore imports fell 4.2% in October for a second straight month of decline, customs data showed on Sunday, as steel output curbs undermine demand for the raw material.

The world’s top iron ore consumer imported 91.61 million tonnes of iron ore last month, down from 95.61 million in September, data from the General Administration of Customs showed.

The figure also represents a plunge of 14.2% from Oct. 2020, after the government clamped on environmental controls and demand for steel products weakened.

“In the next few years, China’s energy consumption controls will continue to weigh on its crude steel production and also affect its demand for imported iron ore,” GF Futures told clients in a note ahead of the data.

Prices for the most actively traded iron ore futures contract on the Dalian Commodity Exchange DCIOcv1 have plunged about half from a peak in mid-May of 1,227 yuan ($191.90) per tonne.

GF Futures expects China’s imports of iron ore to fall 5% to 7% in the second half of the year as steel production drops.

In the first ten months of 2021, China imported 933.48 million tonnes of iron ore, for an annual drop of 4.2%.

October’s steel exports of 4.5 million tonnes were a drop of 8.5% from a month earlier, but were up 11.4% on the year.

Steel imports fell 10% on the month, to 1.13 million tonnes last month, versus purchases of 1.93 million a year ago.

Source: Reuters

Related Posts

Video

Finance & Economy
Shipping News
Ports

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Bahri sees profits soar in 2022

Saudi Arabia’s Bahri has seen its profits soar by over 400% in 2022 following a boom in tanker rates, boosting the shipping giant’s oil...

Euronav Files Second Arbitration Against Frontline

Euronav NV hereby informs its shareholders that on 28 January 2023 it has filed an application request for arbitration on the merits in relation...

Oaktree looking at block sale of existing shares in Hafnia Limited

OCM Luxembourg Chemical Tankers S.à r.l. which is ultimately controlled by funds managed by Oaktree Capital Management L.P. (the "Seller") has retained Fearnley Securities,...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

Cyprus shipping making waves – report

Cyprus shipping, the steady driver of the economy, is sailing for better times, having...

Baltic index hits fresh multi-year lows on capesize dip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index falls for seventh session on lower capesize demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...

Nigeria opens ‘game changer’ billion-dollar deep seaport

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country’s ports and help it...

SC Ports handles nearly 3 million TEUs in record 2022

South Carolina Ports had a record 2022 with the most containers ever handled at the Port of Charleston. SC Ports moved nearly 2.8 million TEUs...

January oil loadings from Russia’s Baltic ports set to jump 50% vs Dec

Urals and KEBCO crude oil loadings from Russia’s Baltic ports of Primorsk and Ust-Luga in January are set to rise by 50% from December...