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China's October iron ore imports remain raised on improved steel margins

China's iron ore imports in October climbed up by 4.48% from the prior year, main information showed on Thursday, as steelmakers' margins improved thanks to Beijing's huge financial stimulus bundle spurring more buying.

China, the world's largest iron ore customer, generated 103.84 million metric lots of the steelmaking ingredient last month, according to data from the General Administration of Customs.

The figure takes the number of months so far this year when volumes exceeded 100 million tons to 8. It compares to 104.13 million loads in September and 99.39 million tons in October 2023.

China announced stimulus procedures in late September to boost its economy, and steelmakers' margins improved as steel prices rose.

Ore need got last month as hot metal output ramped up driven by considerably improved steel margins, contributing to the reasonably high imports, stated Zhuo Guiqiu, an analyst at Jinrui Futures.

The typical everyday hot metal output in October was 4.1%. greater than in September, while around two-thirds of Chinese. steelmakers surveyed were operating at a profit in late October,. versus less than a fifth at end-September, data from consultancy. Mysteel revealed.

Hot metal is a blast furnace product, normally used to. gauge iron ore demand.

Relentless high imports contributed to a continued piling up. of portside stocks of iron ore << SH-TOT-IRONINV >, which rose 1.2%. last month, data from consultancy Steelhome showed. In the first 10 months of 2024,

China's iron ore imports. amounted to 1.023 billion tons, a year-on-year rise of 4.9%, the. data revealed.

(source: Reuters)