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Iron ore prices soar by 10% unexpectedly for analysts

Ukraine / Ferrous metallurgy

Strong growth in iron ore imports to China in November versus a month earlier spurred prices

Iron ore prices soar by 10% unexpectedly for analysts

Iron ore prices rose on Tuesday after customs data showed that iron ore imports to China rose 14.6% in November from a month earlier, peaking since July 2020.

According to the General Directorate of Customs, the world's largest consumer of iron ore last month brought 104.96 million tons, up from 91.61 million in October imports, and 6.9% more than in November 2020.

According to Fastmarkets MB, a 62% iron benchmark imported to North China traded at $ 111.34 a tonne, up 8.8% from Monday's close.

“The unexpected rise in imports was fueled by a rebound in commodities, which likely reflects increased demand for infrastructure capital investment as local governments tightened stimulus towards the end of the year,” said Michelle Lam, China economist at Societe Generale SA in Hong Kong.

Stocks of imported iron ore in Chinese ports rose for 10 consecutive weeks, rising to 155.5 million tonnes last week, the highest level since mid-2018, according to consultancy Mysteel.

In the first 11 months of the year, China imported 1.04 billion tons of iron ore, down 3.2% from the corresponding period a year earlier.

The total volume of imports of iron ore to China increased by almost 32% in monetary terms and amounted to about $ 254 billion. Economists forecast 21.5% growth in imports.

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