SunSirs: China's Imported Iron Ore Showed Month on Month Growth in July 2024
August 09 2024 10:03:08 SunSirs (John)
On the 7th, the General Administration of Customs announced the import situation of China in July 2024:
Monthly import volume:
In July 2024, China imported 102.813 million tons of iron ore, a significant increase from the previous month and a month on month increase of 5.2 million tons, with a growth rate of 5.3%. This indicates that domestic demand for iron ore may increase during the month, or international market supply conditions may be favorable for increasing imports.
Import average price:
During the same period, the average import price of iron ore was 105.7 US dollars per ton, a decrease of 1.7 US dollars per ton or 1.5% compared to the previous month. This reflects that the international market price of iron ore may be affected by various factors during the month, such as global supply and demand, production costs, exchange rate fluctuations, etc.
Accumulated import volume:
From January to July, China imported a total of 713,774 million tons of iron ore, an increase of 44.998 million tons or 6.7% compared to the same period last year. This indicates that the import demand for iron ore in China will maintain steady growth in the first seven months of 2024, which may be influenced by multiple factors such as increased domestic steel production demand, relatively favorable international market prices, and policy adjustments.
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