December 03, 2008

Chinese iron ore imports in March fall from monthly peak

It is reported that China's March iron ore imports slid 6.6% MoM from the previous month's record high, with more gradual declines likely after heavy buying in the first quarter ahead of expected price increases for the fiscal year from April.

Customs data showed recently that Iron ore imports in March fell to 35.68 million tonnes from a monthly record of 38.21 million tonnes the month before.

Mr Henry Liu analyst at Macquarie Bank said that "I feel that import bookings from some speculative traders declined at the end of February after the first set of term prices settled. He added that imports nevertheless remain strong due to Chinese demand.”

China's iron ore imports for the first three months of the year totaled 110.66 million tonnes up by 10.5% YoY from the same period in 2007.