China's iron ore imports down in July 2017
2017-08-10 14:53:22 [Print]
According to the data released by China Customs on Tuesday, China imported 86.25 million tonnes of iron ore in July 2017, down by 8.9% MOM and 2.4% YOY. During The first seven months of 2017, China imported 625 million tonnes of iron ore in total, up by 7.5% YOY. Meanwhile, China exported 47.95 million tonnes of steel in all during the first seven months, down by 28.7%. In particular, China exported 6.96 million tonnes of steel in July, down by 32% YOY, though up by 2.2% MOM.
Analysts noted that the fastest pace of the expansion in China's steel industry since April 2016 was seen in July 2017 mainly because Chinese smelters increased their production based on low levels of stocks and rising steel prices. The future prices of Chinese rebar were close to the highest level since 2013 on Tuesday, but steel mills were still producing steel vigorously. The expansion of China's steel industry has led to strong demand for iron ore in the world, and further promoting prices to go up. Imported iron ore stocks in China's major ports are close to the highest level in 2013 at present.
Analysts noted that the fastest pace of the expansion in China's steel industry since April 2016 was seen in July 2017 mainly because Chinese smelters increased their production based on low levels of stocks and rising steel prices. The future prices of Chinese rebar were close to the highest level since 2013 on Tuesday, but steel mills were still producing steel vigorously. The expansion of China's steel industry has led to strong demand for iron ore in the world, and further promoting prices to go up. Imported iron ore stocks in China's major ports are close to the highest level in 2013 at present.
