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Tuesday, December 13, 2011

Chinese iron ore imports in November jumps by 29pct

Tuesday, 13 Dec 2011

Bloomberg reported that iron ore imports by China, the biggest buyer rebounded 29% in November from an eight month low as some steelmakers replenished their stockpiles after prices fell.

The General Customs said the country imported 64.2 million tonnes of iron ore last month. This is the highest since January and compares with 49.94 million tonnes in October.

IG Markets Chris Weston said November 30 that iron ore prices for immediate delivery tumbled 31% in October amid China credit tightening and slowing steel demand from builders and automakers. The prices will find a floor at USD 120 a ton as Chinese steelmakers replenish stockpiles

(Sourced from Bloomberg)

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