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Chinese Iron Ore Imports Surge in July

Steel News - Published on Wed, 12 Aug 2020

Image Source: Chinese Iron Ore Imports
International shipping association BIMCO said that China imported a record 112.7 million tonnes of iron ore in July, just shy of 10 million tonnes above the previous record. July thereby marked the fourth month in a row that iron ore imports exceeded the corresponding month the year before. In the first seven months of the year, iron ore imports are up 11.8%. The record-breaking iron ore imports go against expectations given the slowdown of the Chinese economy as a result of the Covid-19 pandemic. Steel production in China, for which iron ore is a primary ingredient, is up by 1.4% in the first six months of the year. After two years in which the growth in steel production has been far higher than that in iron ore imports, the reversal which we have seen so far this year is puzzling.

The increased iron ore imports without a corresponding increase in steel production is likely driven by several factors, including supply disruptions to domestic scrap steel, limiting the use of electric arc furnaces and therefore increasing the share of steel being produced with domestic iron ore.

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Posted By : Yogender Pancholi on Wed, 12 Aug 2020
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