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Iron Ore January 14, 2019 03:30:37 PM

China's Iron Ore Imports Slumped in 2018

Paul Ploumis
ScrapMonster Author
Meantime, the Chinese steel exports registered notable decline by over 8% from 75.41 Mt in 2017 to 69.33 Mt in 2018.

China's Iron Ore Imports Slumped in 2018

SEATTLE (Scrap Monster): The latest data published by the Chinese General Administration of Customs indicates that iron ore imports by the country declined marginally during the previous year. This is the first year-on-year decline since 2010.

According to Chinese Customs data, the country imported 1.064 billion tonnes of the steelmaking raw material in 2018. This is 1% lower when compared with the prior year. It must be noted that the imports had hit record high of 1.075 billion tonnes in 2017. The imports surpassed 1 billion tonnes for the third year in a row. The monthly iron ore imports by China totaled 86.65 million tonnes (Mt) in December last year, largely stable upon comparison with the imports of 86.25 Mt in November 2018.

Going forward, the anticipated reduced steel output, on account of drop in demand in domestic as well as overseas markets, is likely to cut iron ore consumption by China in 2019. The steady steel output from blast furnace is likely to provide support to iron ore. The consumption of lower-grade ore is likely to increase. On the contrary, industry experts foresee reduced demand for medium and high-grade iron ores.

Meantime, the Chinese steel exports registered notable decline by over 8% from 75.41 Mt in 2017 to 69.33 Mt in 2018. The exports in the month of Dec ’18 alone were up by almost 5% at 5.55 Mt over the prior month. The Chinese steel exports had totaled only 5.3 Mt in November 2018.

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