China's import of iron ore in October fell

From January to October 2011, China's cumulative import of ore was 558 million tons, a year-on-year increase of 10.9%. In October, China imported 49.94 million tons of ore, which was a year-on-year increase of 9.23% and a significant decrease of 10.63 million tons. From January to October, the average unit price of iron ore imports was 166.66 U.S. dollars per ton, an increase of 48% year-on-year; of which, the average unit price of iron ore imports in October was 175.54 U.S. dollars per ton, down 0.22% month-on-month.

According to the inventory data monitored by the Shinkansen Shinkansen, as of November 4, China's major ports imported iron ore inventories of 97.1 million tons, a substantial increase of 33.38% over the same period of last year, which is at a historically high level.

The Nishimoto Shinkansen believes that since mid-September, domestic steel prices have dropped sharply, and iron ore purchases by steel mills have decreased. In order to digest the high-priced raw material stocks in the previous period, the import volume of iron ore has apparently declined in October. In October, the price of imported iron ore accelerated to plummet, and the foreign offer price of 63.5% grade Indian fines fell from US$180/ton before the National Day holiday to US$129/ton at the end of October. It only rebounded slightly after entering November. At present, it is 138 US dollars / ton, steel plant wait-and-see attitude further aggravated, is expected in November China's imports of iron ore volume will further decline.