Sunday, 12 Jun 2011
Reuters quoted official data from China customs authority showed that China iron ore imports rose 0.8% to 53.3 million tonnes in May from the previous month.
Chinese steel mills which usually consume two-thirds of seaborne iron ore have raced to expand production since this year, despite Beijing tightening moves to tame inflation and curb the hot property market.
Traders said imports are expected to fall in June as steelmakers have reduced their forward bookings as the domestic steel market usually declines in the summer season.
An iron ore trader in Shanghai said "I expect shipments to fall in June as steel mills have axed their buying and consumed more domestic ore to feed demand."
Chinese steel mills are also expected to be affected by the power rationing mainly from June to September, although the impact to production may not be easily assessed.
(sourced from Reuters)
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