China’s iron ore imports rebounded by 22.3% month-on-month in March, the latest preliminary figures from the country’s General Administration of Customs show.
Last month, China purchased 59.48m tonnes of iron ore from abroad, up 10.84mt from February, though the total was largely in line with the 59.01mt a year ago. China’s January iron ore import volume still remains the highest for 2011 at 68.97m t.
In the first three months of this year the country imported 177.17mt of iron ore, up 14.4% from a year ago, while the value has surged 82.5% from 2010 because of higher prices, Steel Business Briefing understands.
In February and March, the price for 63.5%/63% Fe Indian iron ore fines ranged widely at $170~197/t cfr and made for the most turbulent period so far this year, according to SBB iron ore price data.
Moreover, the price volatility has continued this month. By 8 April, the price for 63.5%/63% Fe fines from India had advanced to $189-190/t cfr China, up by $4-5/t from the beginning of last week, and by nearly $20/t from mid-March.
But most of the Chinese traders surveyed by SBB questioned whether the latest round of iron ore price increases can be sustained given the lack of support from market fundamentals. Indeed, traders have been shying away from the market so far, and this may result in a decrease in China’s iron ore import volume for April.
http://www.indiaglobalcap.com/
Last month, China purchased 59.48m tonnes of iron ore from abroad, up 10.84mt from February, though the total was largely in line with the 59.01mt a year ago. China’s January iron ore import volume still remains the highest for 2011 at 68.97m t.
In the first three months of this year the country imported 177.17mt of iron ore, up 14.4% from a year ago, while the value has surged 82.5% from 2010 because of higher prices, Steel Business Briefing understands.
In February and March, the price for 63.5%/63% Fe Indian iron ore fines ranged widely at $170~197/t cfr and made for the most turbulent period so far this year, according to SBB iron ore price data.
Moreover, the price volatility has continued this month. By 8 April, the price for 63.5%/63% Fe fines from India had advanced to $189-190/t cfr China, up by $4-5/t from the beginning of last week, and by nearly $20/t from mid-March.
But most of the Chinese traders surveyed by SBB questioned whether the latest round of iron ore price increases can be sustained given the lack of support from market fundamentals. Indeed, traders have been shying away from the market so far, and this may result in a decrease in China’s iron ore import volume for April.
http://www.indiaglobalcap.com/
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