Friday, 14 Oct 2011
Reuters quoted official data from China customs authority showed that China imported 60.57 million tonnes of iron ore in September up by 2.5% compared with the previous month and the highest monthly figure since January.
But despite the increase, Chinese traders remain pessimistic about their prospects in the coming months amid uncertainties about the global economy and tightening domestic credit. They said a decline in purchases since the middle of September was masked as buyers sought to guarantee supplies ahead of the National Day holiday.
A dealer based in the eastern Chinese port of Qingdao said "The high volume of imports is related to the early bookings made before the holiday."
Total imports over the first three quarters of the year reached 508 million tonnes up by 11%YoY.
China imported 1.33 million tonnes of steel products in September down by 1.5% while exports rose 0.5% to 4.21 million tonnes.
(Sourced from Reuters)
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