Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Australian exports of iron and coal plunge 45pct due to less China imports

Steel News - Published on Wed, 01 Apr 2015

(Follow @MinesGuru on Twitter for important updates)

China is importing less from Australia. Its global imports have declined by 20% over the first two months of the year. The value of Australian exports to China plunged 29% over the first two months of the year, partly because of falling prices for coal and iron ore.

China’s Customs Bureau said that the volume of imported coal from Australia was down 45% in January and February compared to the same time last year. The value of these shipments fell by more than half.

Iron ore held up better, with volume flat but the value was down 45%. The iron ore price has more than halved over the past year and is trading at about USD 60 per tonne, as the Chinese economy slows and the housing market remains weak.

Overall, China’s global exports rose sharply in the first two months of the year, climbing by 49%. Economist said the figures were distorted by a crackdown on illegal trade flows early last year.

Mr Li gang Liu ANZ’s chief China economist said that “We still see strong headwinds facing China’s exports this year. Export orders in the key Purchasing Managers Index had remained below the benchmark level of 50 for five consecutive months.”

Mr Liu said that China’s global imports remained weak, declining by 20% over the first two months of the year. Weak commodity imports are the major factor in the sluggish import growth, as Chinese commercial banks have significantly tightened the trade financing facilities for commodity traders.

Source – Customs Today

Get latest updates through Twitter – Follow @MinesGuru

( www.minesguru.com)

Posted By : admin on Wed, 01 Apr 2015
Related News from Steel segment