Thursday, 15 Dec 2011
China Securities Journal quoted the General Administration of Customs said China imported 64.20 million tonnes of iron ore in November an increase of 14.62 million tonnes from October.
The average import price was down by 8% from October to USD 162.1 per ton. For the first 11 months, China recorded an increase of 11%YoY in iron ore imports to 622.01 million tonnes. The average import price rose 30.8%YoY to USD 166.2 per tonne.
According to China iron ore spot price index (CSI), the average price of 62 grades imported fine ore was USD 130 per tonne in November. The highest price reached was USD 144.78 per tonne while the lowest price was USD 121.93 per tonne.
Mr Zhang Jiabin an analyst at umetal.com, an information provider said there is a time lag between the average price of imports calculated by China Customs and the actual price of imports.
He forecasts the average price of iron ore imports in 2011 will not change significantly as a result of the drop in spot prices in the fourth quarter. He added that the average price of iron ore imports in 2011 is expected to hit USD 160 per tonne.
The delay was attributed to the time taken to report to China Customs, and the effect of the quarterly iron ore purchase contracts. It was reported that ships carrying imported iron ore normally apply for approval from China Customs five days before arriving at a local port.
Ships reaching China in November will be carrying iron ore from contracts signed from mid September till mid October when iron ore prices ranged from between USD 160 per tonne and USD 170 per tonne.
(Sourced from China Securities Journal)
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