China's iron ore imports slip in November
China's iron ore imports fell by 2.4pc on the month to 90.65mn t in November, although volumes were around 8pc higher from a year earlier.
January-November iron ore imports were down by 0.7pc from the year-earlier period to 970.69mn t but they are on course to exceed 1bn t for a third successive year, according to customs data.
Portside stocks of imported iron ore at major Chinese ports were down by 3.53pc on 30 November to 123.83mn t, according to the China iron and steel association Cisa.
Tight portside stocks of mainstream medium-grade fines have lifted prices since mid-November, with the Argus ICX 62pc index assessed at $89/dry metric tonne (dmt) on 6 December, close to the $90/dmt resistance level that has not been breached in the physical market since 15 October.
Steel demand in China was robust in November, nearly doubling mill profits from late-October levels. High profits have provided mills with incentives to use more medium- and high-grade ores to keep producing at near-peak levels.
Steel demand seasonally falls in December, although it is unlikely to be a sharp drop. This may affect demand for iron ore later this month. But several mills may soon start booking cargoes to stock up for the lunar new year holiday in January, supporting prices.
Winter steelmaking and sintering restrictions — which usually lead to a reduction in demand for iron ore fines — may be less severe in 2019-20 compared with previous years as most cities seem to be imposing short-term steelmaking and sintering restrictions during periods of heavy pollution rather than blanket cuts from November-March.
source: Argus Media
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years