Bloomberg – Iron ore imports by China surged to a record above 1 billion tonnes last year as unexpectedly strong steel production and lower local mine output combined to fire up demand in the world’s top buyer for cargoes from Australia and Brazil, supporting a rebound in prices.
Asia’s top economy imported 1.024 billion tonnes in 2016, up 7.5 per cent from a year earlier, according to customs data issued on Friday: that’s about 32 tonnes a second, according to Bloomberg calculations. Purchases last month totalled about 89 million tonnes, compared with 96.3 million tonnes a year earlier.
Iron ore surged more than 80 per cent last year as China added stimulus to sustain economic growth, bolstering steel production, soaking up rising low-cost mine supply and shredding bears’ forecasts. Continue Reading →