Chinese Iron Ore Imports Up 4.6 Percent in January

Reuters reported that China’s January iron ore imports came to 82.19 million tonnes, up 4.6 percent from the year-ago period. The boost came as steel mills stocked up with cheap material from overseas.
As quoted in the market news:

The January figure was still down 14.6% on a record 96.27-million tonnes imported the previous month, however, amid a seasonal decline in steel production ahead of the Lunar New Year holiday.
Demand for restocking held relatively strong in January, but levels were not enough to stimulate iron-ore prices, the China Iron and Steel Association (CISA) said in its monthly market report.
“Low smelter utilisation rates cannot support any increase in iron-ore prices, and though factors like the Spring Festival holiday slowed the price decline, the overall downward trend has not been reversed,” the association said in the report, published earlier this month.
Iron-ore for immediate delivery to China’s Tianjin port fell more than 3% in January, after prices tumbled 40% in 2015.

Click here to read the full Reuters report.