China's iron ore imports soared by 29% in November

According to the latest data released by the General Administration of Customs of China, China’s iron ore imports in November increased by 29% from the previous month, because the continued decline in prices triggered the procurement enthusiasm of domestic steel companies. In November, the total amount of imported iron ore in China was 64.2 million tons, a new high of 9 months.

According to Bloomberg's independent monitoring data, China imported 49.94 million tons of iron ore in October. Affected by the credit crunch, China's spot iron ore prices have fallen by 31%. Analysts predict that as China's demand continues to slow down iron ore prices may fall back to the low of 120 US dollars / ton.

According to data provided by the Steel Index, iron ore with 62% iron content was quoted at US$139.4/t in Tianjin, China, on Friday, which was basically the same as the previous trading day. However, compared with the previous low of US$116.9/tonne set on October 28, the price rebounded by as much as 19%.

UBS AG issued a report on November 22 that Chinese steel companies will usually stock up a certain amount of iron ore in November in order to provide sufficient raw materials for the forthcoming New Year's Day and Spring Festival holidays. The world’s largest iron ore producer and supplier Brazilian freshwater company issued a report last month that iron ore prices are unlikely to fall below $120/ton next year, because below this level some ore producers will exit the market. .