Iron ore prices increased by nearly 9% after the news of China's highest import in 16 months

Specifically, in November, China bought 105 million tons compared with 91.6 million tons in October. The figure in the previous month was also 6.9% higher than in November 2020.

Iron ore prices increased on December 7. Photo: The Hindu Business Line

In 11 months, China bought 1.04 million tons of iron ore, still 3.2% lower than the same period last year.

After the above information, the price of 62% Fe ore imported into North China increased by 8.8% compared to December 6 to 111.3 USD/ton.

Tang Binghua, an analyst at Founder CIFCO Futures, said it is unlikely that imports will continue to increase because of weak consumption after China strengthens control of factory output during the cold winter and before the Olympics. winter.

Michelle Lam, economist at Hong Kong-based Societe Generale SA, said the spike in November reflected improved investment demand for infrastructure.

Data from consulting firm Mysteel shows that inventories of imported iron ore at Chinese ports have increased for the 10th straight week. Of which, last week was 155.5 million tons, the highest since mid-2018.

NDH