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China's 2019 iron ore imports rise to second-highest ever

Added 01-14-20 03:03:01am EST - “China's iron ore imports rose 0.47% in 2019 to hover just below their all-t...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “China's 2019 iron ore imports rise to second-highest ever”. Below is an excerpt from the article.

BEIJING (Reuters) - China’s iron ore imports rose 0.47% in 2019 to hover just below their all-time annual peak, fueled by strong demand at steel mills and a second-half recovery in shipments from big miners after disruptions earlier in the year.

The world’s top steel producer brought in 1.069 billion tonnes of iron ore in 2019, rising from 1.064 billion tonnes a year earlier, data from the General Administration of Customs showed on Tuesday. The record remains 2017’s 1.075 billion tonnes.

In December, purchases of the steelmaking ingredient surged 11.8% from a month earlier to 101.3 million tonnes, the data showed - the highest monthly import level in 27 months.

The jump in iron ore imports came despite shipments from big miners being cut in the first half of 2019, when a tailings dam collapsed at a Brazilian mine while a tropical cyclone hit miners in west Australia.

“Purchases from non-mainstream suppliers increased amid soaring iron ore prices,” said Wu Shiping, analyst with Tianfeng Futures, noting smaller mines in Brazil and Australia and countries including South Africa and India increased shipments.

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